BPE Solicitors’ Corporate Team has acted for new client and AIM-quoted company, Tricorn Group plc, on its recent placing and subscription which raised £1 million (before expenses) and its oversubscribed open offer which raised £0.49 million (before expenses).
The Worcestershire-based company is a value-added manufacturer, specialising in the development and production of pipe solutions for the power generation, automotive, agricultural and highway markets. The Group has four manufacturing facilities in the UK, China and the USA.
This round of fundraising comes as part of Tricorn’s growth plans, providing capital to develop the company’s manufacturing capabilities in the USA.
Led by Corporate Partner, Louise Grzasko, with support from Anthony Rudge and Kathryn King, BPE advised Tricorn Group plc on the fundraising, working alongside Shore Capital, the company’s nominated adviser and broker.
Commenting on the deal, Mike Welburn, Chief Executive Officer of Tricorn Group plc, said: “We were delighted with the outcome of this fundraising, with the oversubscribed open offer evidence of the backing the company has from its shareholders. This was the first fundraising the company has undertaken in a number of years so we were also pleased to be working with the team at BPE who provided support and guidance throughout and helped ensure the process ran as smoothly as possible.”
Louise added: “We were delighted to have the opportunity to work with Tricorn and to help with the company's successful fundraising. It is always a pleasure to be introduced to new clients and to get to know their businesses. We act for AIM-quoted companies which are based all over the country but it is great to be working with a local business like Tricorn.”