Haversham Holdings will issue 685.7 million new Ordinary Shares at a price of 150 pence per share, the proceeds of which will be used to fund the cash element of the consideration for the acquisition of the BCA Group and to repay part of the outstanding debt of the BCA Group. Haversham Holdings will be renamed BCA Marketplace plc on admission and will transfer its listing from AIM to the standard listing segment of the Main Market.
BCA is Europe’s leading used vehicle marketplace, helping over 55,000 buyers and over 1,000 vendors maximise value, liquidity and choice, with the sale of over 900,000 vehicles in 2013 of which 37% was online.
Orrick’s team was led by corporate partner Hilary Winter and included Nell Scott, Katrina Murphy and Alice Edwards.
Berwin Leighton Paisner acted for Haversham Holdings on the acquisition and the placing.