06 Oct 2010
LG advises international AIM listed mining company on takeover
International business law firm Lawrence Graham LLP ("LG") has acted for AIM-listed client Firestone Diamonds Plc (Firestone), a diamond mining and exploration company, on its takeover by way of a scheme of arrangement of fellow AIM-listed diamond exploration company Kopane Diamond Developments Plc (Kopane). The offer valued Kopane, at the date the offer was announced, at £51 million and constituted a reverse takeover under the AIM Rules for Firestone.
Both companies have their principal assets in Southern Africa and the transaction has provided the enlarged group with a diversified portfolio of production, development and exploration stage diamond projects.
Corporate partner Geoff Gouriet led the team and was assisted by Corporate solicitors Rebecca Gordon, Sam Gray, Meera Unadkat and Michelle Davis.
Geoff said: "We are delighted to have advised Firestone on its takeover of Kopane. This has been a successful year for Firestone with it also having commenced mining operations at its BK 11 kimberlite. There has been significant discussion in the market regarding consolidation of the AIM market and this demonstrates that investors will support the merging of solid companies with similar synergies."
Firestone was also advised by Evolution Securities Limited (financial adviser) and Brewin Dolphin Limited (nominated adviser).
Notes to editors:
- LG advises entrepreneurial and growth market clients seeking to raise capital for their business ventures. We are named as adviser to nine of the AIM 100 companies, with no other firm listed as acting for more than five.
- LG is ranked as No. 1 Legal Adviser to AIM clients by market capitalisation and No. 1 by total number of clients (Hemscott, August 2010)