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The acquisition of the balance of the shares in Insight Capital Partners Limited not previously held by Insig AI Plc was for consideration of approximately £27.9m and in addition the enlarged group raised funds of £6.1m through a placing. Howard Kennedy had previously advised on the initial 9.1% equity investment undertaken in Insight Capital Partners Limited in March 2020. The market capitalisation of Insig AI Plc on admission, at the placing price, was circa £66.4m.
The Howard Kennedy transaction team was led by Head of Corporate Ashley Reeback and Legal Director Jane Brassington assisted by Corporate solicitor Jack O'Shea together with various colleagues including Leigh Sayliss (Head of Tax), Nick Treppass and Chiara Muston (Employment) and Emily Clark (IP).
Ashley Reeback, Head of Corporate at Howard Kennedy, commented, "We were delighted to have advised Insig AI Plc on a complex transaction which took place over many months and included the simultaneous acquisition of Insight Capital Partners Limited, the readmission of the enlarged share capital to trading on AIM and an equity fundraise."
Matthew Farnum-Schneider, CEO of Insig, commented, "We were delighted to have worked closely with Ashley Reeback and Jane Brassington at Howard Kennedy over the last few months. They were instrumental in helping us close the transaction and in coordinating what was a complex and involved deal. We look forward to working with them in the future."
Jane Brassington, Legal Director at Howard Kennedy, commented, "It was great to have worked so closely with the Insig leadership team on a complex transaction over many months which involved an acquisition, readmission of the company to AIM, a placing as well as a Takeover Code whitewash. I look forward to working with the leadership team in the future."
Matthew Farnum-Schneider, CEO of Insig
They were instrumental in helping us close the transaction and in coordinating what was a complex and involved deal. We look forward to working with them in the future.