Reverse takeover creates £30m group after Wragge advice
WRAGGE’S corporate team has advised on an AIM reverse takeover that has created a £30m group.
Documetric Limited was helped by Wragge & Co on its successful reverse takeover of AIM-listed Intelligent Environments Group plc (IE). With a market capitalisation of £30.6 million, the enlarged company has been named Parseq plc.
Online financial services software provider IE has acquired the entire issued share capital of Documetric. As part of the deal, IE also raised £4.5 million through a share placing at seven pence per share. The strategic transaction enables Documetic to combine its middle and back office services with IE’s expertise in online and mobile banking markets, to drive growth and market share in existing and new markets.
Corporate partner Jeremy Millington and director Richard Goold led a cross-firm team advising the shareholders of Documetric, in the firm’s first corporate transaction for the business process outsourcing provider.
Richard Goold said: “This significant reverse takeover involving an AIM-listed company indicates a renewed confidence in the market. The complex deal demonstrates our full-service expertise in equity market transactions and ability to provide commercial, technically-sound advice within challenging timeframes.”
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Chief executive officer Rami Cassis added: “Wragge & Co’s excellent commercial advice and strategic input was integral in this deal’s successful outcome. Parseq now has significant scale and the capability to provide a turnkey solution for its clients.”
Head of transaction services Graham Spalding led the due diligence. Corporate solicitor Francesca Brookes, pensions associate Liz Wood and IT specialists Richard Smith, Olivia Woolston and Jocelyn Watson also supported. Real estate partner Phil Clissitt and solicitor Victoria Rowland and commercial litigation solicitor Claire Lewis completed the cross-firm team. Taylor Wessing advised IE.
