Orrick’s Ed Lukins
has advised Lanstead Capital Investors, a leader in structured equity finance, on two transactions over the last week.
The first was Lanstead’s £6 million subscription agreement with advanced materials engineering group Versarien (LON:VRS). As part of the subscription agreement, 15,000,000 subscription shares will be issued to Lanstead at 40 pence per subscription share for £6 million before expenses. In addition, the companies will enter into a sharing agreement in which Versarien will return the £6 million gross proceeds of the subscription to Lanstead. The sharing agreement will enable Versarien to benefit from any share price appreciation over the average benchmark price of 53.33 pence.
The second was Lanstead’s £1.3 million subscription agreement, together with a related sharing agreement, with specialist drug discovery and development company ImmuPharma (LSE AIM: IMM – Euronext Growth: ALIMM). The subscription raised £1.5 million through the issue of 15,000,000 new ordinary shares of 10 pence each in the company at a price of 10p per ordinary share. The remaining £200,000 was raised through a subscription from Dr. Robert Zimmer, (Director, President & Chief Scientific Officer of ImmuPharma) through Luca and Associates AG.