Druces LLP, the City-based business and private wealth law firm is pleased to announce that a team led by corporate partners, Christopher Axford and David Smith, has advised appScatter, the app distribution and management platform, on its successful admission to AIM.
The company raised £9 million through an oversubscribed placing of 13.8 million shares at a price of 65p per share, giving it a market capitalisation of £41.1 million on admission, based on the initial public offering price.
appScatter helps developers distribute their apps through an ever-growing number of app stores, and allows developers to track their apps’ performance helping them to determine which are the most profitable. Proceeds from the placing will be used by appScatter to support the growth of the business as it looks to launch the public version of the appScatter platform, and to establish overseas offices in key markets.
appScatter’s Founder & Chief Executive Officer, Philip Marcella commented: “This marks the start of an exciting new chapter in appScatter’s development. We are delighted to be joining AIM and I would like to thank our existing and new shareholders for their support. We are confident that we have all the necessary elements in place and believe that appScatter can demonstrate its ability to be an exciting, successful UK technology story. Druces have been a vital part of our entire journey so far and Chris and his team guided us through the IPO process with aplomb. We look forward to our relationship developing yet further as we start life as a quoted entity. “
Corporate partner, Christopher Axford, commented: “We were delighted to advise appScatter on its admission to AIM, having advised the business from its earliest days. This is a fine example of Druces having the right size and structure to help ambitious companies on their journeys from initial formation through to pivotal corporate moments such as IPOs.”
This news was posted on 8 September 2017
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Notes to Editors
The firm’s core services are private wealth; corporate; banking and finance; employment; commercial property and property litigation; commercial litigation and arbitration; charities; and contentious probate.
As well as corporate and institutional clients, Druces’ clients include wealthy individuals, usually with overseas interests and both listed and privately-owned businesses across a range of industry sectors.
Druces operates from a single-site office in the City. It has established well-developed international links – primarily through its membership of the Alliance of Business Lawyers which covers 40 countries – with law firms specialising in business and private wealth law in leading cities around the world.