McDermott Advises Numis Securities and IBS OPENSystems plc on First Accelerated IPO of 2005
LONDON (21 March 2005) — The international law firm of McDermott Will & Emery is advising Numis Securities and IBS OPENSystems plc on the first accelerated IPO of 2005.
IBS OPENSystems plc is a new company formed by Numis Securities to acquire the entire issued share capital of International Business Systems (Public Services) Limited for £52 million. IBS OPENSystems was the winning bidder in the auction process conducted by its parent company, IBS AB.
IBS OPENSystems is raising £56 million through a flotation on AIM. As part of the float, Numis Securities has placed 40,000,000 shares with institutional investors in the UK at a placing price of 140p and the proceeds of the flotation will be used to fund the acquisition.
Admission on AIM and completion of the acquisition are expected to take place on 23 March 2005.
The McDermott team included corporate associates Brigid Breslin and IP associate Rohan Massey.
