22 June 2005 – LAWFUEL – The Law News Network – Mayer, Brown, Rowe & Maw LLP’s Corporate Group has advised Property Recycling Group plc on its admission to AIM raising £7.5 million through a placing with a number of UK institutions. 15 million new Ordinary shares of 5p at 50p per share began trading on 16 June.
Property Recycling identifies and acquires previously developed land (”PDL”), often referred to as ”brownfield sites”, where it can see the opportunity to improve the valuation significantly through remediation and planning gain. The directors intend to use the increased resources generated by the Placing to expand the Group’s portfolio of PDL.
Stephen Bottomley commented: “We are delighted to have had the opportunity to work again with Paul Rackham on this new venture. Mayer, Brown, Rowe & Maw knows Paul well, having acted for Waste Recycling Group, founded by Paul, on numerous acquisitions and ultimately on Waste Recycling’s takeover by Terra Firma.”
The Mayer, Brown, Rowe & Maw team advising Property Recycling Limited was led by corporate partner Stephen Bottomley, assisted by James Trentham and Cristina Peruzzi.