Fulcrum Utility Services Limited’s Equity Fundraising

In UK Ashurst, advised on the matter.

Ashurst advised Fulcrum Utility Services Limited with a team including Nicholas Holmes (Picture – Equity Capital Markets), Jeffrey Johnson (Equity Capital Markets), Tom Mercer (Equity Capital Markets), Nicholas Gardner (Tax M&A and Deal Advisory).

The equity 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, 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 £6.0 million for Fulcrum. The net proceeds of the fundraising will be used primarily to support Fulcrum’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. It is expected that the shares to be issued pursuant to the placing and the open offer will be admitted to trading on AIM on 10 January 2022.

Fulcrum Utility Services Limited 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 Ashurst team was led by partner and head of ECM Nicholas Holmes (Picture). Corporate partners Tom Mercer and Jeffrey Johnson are also advising with senior associate Louise Chan and associate Elnaz Amiri and solicitor apprentice Coinneach Pellow. Tax advice was provided by partner Nicholas Gardner and associate Aaron Robertson.

Involved fees earner: Louise Chan – Ashurst; Nicholas Gardner – Ashurst; Nicholas Holmes – Ashurst; Jeffrey Johnson – Ashurst; Tom Mercer – Ashurst;

Law Firms: Ashurst;

Clients: Fulcrum Utility Services Limited;

Author: Giulia Di Palma