Slaughter and May is advising Accsys Technologies PLC in connection with its placing and open offer
Slaughter and May is advising Accsys Technologies PLC (“Accsys”) on its placing and open offer to raise gross proceeds of up to approximately €37 million, which was announced on 5 May 2021. The placing, the results of which were announced on 6 May 2021, is expected to raise gross proceeds of approximately €33 million, and was conducted through an accelerated bookbuild process for institutional investors, with Numis Securities Limited, Investec Bank plc and ABN AMRO Bank N.V. acting as the joint bookrunners. Alongside the placing, Accsys is also providing existing shareholders (subject to certain jurisdictional exceptions) with the opportunity to participate in the open offer to raise gross proceeds of up to approximately €4 million.
Accsys intends to use the proceeds of the placing to fund the expansion of its Accoya® business into North America through the construction, by its US joint venture with Eastman Chemical Company, of a new Accoya® plant in the USA. The proceeds of the open offer are intended to provide additional capital to support Accsys’ continued growth.
The placing and the open offer are each conditional on various matters, including the passing by shareholders of certain resolutions at a general meeting of Accsys to be held on 25 May 2021. The admission of new Accsys shares to listing and trading on Euronext Amsterdam and to trading on AIM is expected to occur on 26 May 2021.
Slaughter and May is supporting Accsys’ in-house legal team, Angus Dodwell and Daniella Lloyd. Rutgers & Posch is advising Accsys on the Dutch law aspects of the transaction.