Maples Advises Fulcrum Utility on £19.5 Million Equity Fundraising
Maples and Calder, the Maples Group’s law firm, was pleased to act as lead Cayman Islands counsel for Fulcrum Utility Services Limited (“Fulcrum Utility”) on its equity fundraising.
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The fundraising comprises a conditional placing of new ordinary shares at an issue price of 12 pence per share to raise gross proceeds of approximately £20.05 million for Fulcrum Utility, and an open offer of new ordinary shares to qualifying shareholders at an issue price of 12 pence per share, to raise up to approximately £6 million for Fulcrum Utility. The net proceeds of the fundraising will be used primarily to support Fulcrum Utility’s growth strategy and entry into the smart energy infrastructure market as a meter asset provider.
Completion of the equity fundraising remains subject to shareholder approval. Shareholder approval to the arrangements was obtained on 7 January 2022 and the shares issued pursuant to the placing and the open offer were admitted to trading on AIM on 10 January 2022.
Fulcrum Utility is a leading independent provider of essential utility services including multi-utility connections, electric vehicle charging infrastructure, renewable energy infrastructure services and smart metering solutions.
The Group’s legal team was led by Jack Marriott, Partner and head of the Corporate practice in London along with Of Counsel, Christopher Oliver and Associate, Ray Tso.
Ashurst LLP acted as UK legal counsel to Fulcrum Utility.