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Ashurst advises Fulcrum on its equity fundraising

The net proceeds of the fundraising will be used primarily to support Fulcrum's growth strategy and entry into the smart energy infrastructure market as a metre asset provider

Ashurst announced it is in the process of advising Fulcrum Utility Services Limited, an independent provider of essential utility services including multi-utility connections, on its equity fundraising.

It revealed the fundraising comprises a conditional placing of new ordinary shares at an issue price of 12p per share to raise gross proceeds of approximately £20m for Fulcrum, and an open offer of new ordinary shares to qualifying shareholders at an issue price of 12p per share, to raise up to approximately £6m for the firm. 

The net proceeds of the fundraising will be used primarily to support Fulcrum’s growth strategy and entry into the smart energy infrastructure market as a metre asset provider.

The Ashurst team is being led by partner and head of ECM Nicholas Holmes. Corporate partners Tom Mercer and Jeffrey Johnson are also advising with senior associate Louise Chan and associate Elnaz Amiri and solicitor apprentice Coinneach Pellow. 

Completion of the equity fundraising remains subject to shareholder approval. It is expected that the shares to be issued pursuant to the placing and the open offer will be admitted to trading on AIM on 10 January 2022.

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