Orrick Advises Mercantile Ports & Logistics Limited On Recapitalisation by way of a Placing, Subscription, Retail Offer and waiver under Rule 9 of the Takeover Code

2 minute read | June.28.2023

We advised Mercantile Ports & Logistics Limited (the "Company"), an operator and developer of a port and logistics facility in Navi Mumbai, Maharashtra, India listed on AIM, the market of that name operated by London Stock Exchange plc (TIDM: MPL), on its £9.04 million recapitalisation by way of a Placing, Subscription and Retail Offer, and the receipt of a waiver from the UK Takeover Panel of the requirements under Rule 9 of the Takeover Code in relation to the participation in the Subscription by Hunch Ventures, the Company's largest shareholder.

The Placing was conducted by way of an accelerated bookbuild to raise £3.06 million (before expenses) from new and existing institutional investors, the Subscription raised £5.85 million from Hunch Ventures, the Company's managing director and new UAE-based investors, and the Retail Offer conducted on the BookBuild platform raised a further £130,000.

The Company will seek admission of 301,479,660 new ordinary shares to trading on AIM, which is expected to take place at 8.00 a.m. (UK time) on 28 June 2023.

The Orrick team that advised the Company included Ed Dyson, Ed Lukins, Franklin Monsour, Charles Sheldon and Charlotte Osborne.