Carey Olsen has advised Rosebank Industries on its application for admission to trading on the AIM Market of the London Stock Exchange.
It also advised on the placing of 20,000,000 ordinary shares at 250 pence per share, which has successfully raised gross proceeds of £50 million.
The Rosebank co-founders are previous leading members of the senior management team of Melrose Industries plc and intend to recreate the same successful ‘Buy, Improve, Sell’ business model which they pursued at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses with an indicative enterprise value of up to approximately US$3 billion whose performance may be improved.
Rosebank will then invest heavily to improve the performance of any such business, typically over a three-to-five-year investment horizon, before selling it to a new owner for the next stage of its development and returning the net cash proceeds to shareholders.
The Carey Olsen corporate team in Jersey comprised partner David Taylor, counsel Katherine Tresca and associate Jacob Woodhouse. The team worked alongside lead counsel, Simpson Thacher & Barlett LLP.
