01 March 2013

Travers Smith advises Cenkos on proposed capital raising, debt restructuring and delisting from the Official List and admission to AIM of Helphire Group plc

Travers Smith partner Philip Cheveley and senior corporate associate Mohammed Senouci are advising Cenkos Securities plc in its capacity as sponsor and broker to Helphire Group plc ("Helphire") in connection with their proposed firm placing and placing and open offer to raise £25.6 million (before expenses) (the "Capital Raising"), debt restructuring and delisting from the Official List and admission to AIM.

Helphire proposes to use the net proceeds of the Capital Raising to repay approximately £23 million of existing indebtedness owed to its existing lenders in addition to issuing new ordinary shares to lenders to extinguish approximately £64.6 million of its existing indebtedness.

In connection with the proposed refinancing, Helphire also intends to apply to the London Stock Exchange for the cancellation of the admission to trading of its securities on the London Stock Exchange's main market for listed securities and to listing on the premium segment of the Official List of the UK Listing Authority and to apply for the admission of its securities to trading on AIM. 

The proposals are all conditional upon the approval by Helphire's shareholders at general meeting.

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