6 July 2004 – LAWFUEL – DLA LLP has advised Melrose Resources PLC on its £14m placing and open offer. The monies raised from the fundraising will be used for working capital. The issue has not been underwritten. The capital reduction, which will take place following the fundraising subject to court approval, will enable the company to pay dividends going forward.
Since 2003 DLA has acted for Melrose Resources plc on a cash placing, a rights issue and a second placing and open offer. .
Melrose Resources plc has been a client of DLA since 1997 and the firm acted on its IPO in 1999.
Corporate partner Alex Tamlyn led the DLA team advising Melrose. Corporate solicitor, Ben Irwin, assisted him.
Alex Tamlyn said:
“We are delighted to have once again been involved with a successful fundraising by Melrose Resources plc for whom we have acted for a number of years. It is a testament to the rapport that we have built up with Melrose that the transaction was completed on time and on budget.”