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Travers Smith advises Numis on £31.4 million placing for Norcros plc

Wednesday, 17 July 2019

Friday, 3 November 2017

Travers Smith LLP has acted for Numis Securities Limited in its capacity as sole sponsor, financial adviser and bookrunner on the £31.4 million firm placing and placing & open offer of new ordinary shares issued by Norcros plc.

Norcros is the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives. The proceeds of the fundraise are to be used to part fund the £60m acquisition of Merlyn Industries Limited, a market leading, innovative designer and distributor of mid to high end branded shower enclosures.

The acquisition is a Class 1 transaction under the Listing Rules for Norcros and is therefore conditional on, inter alia, the passing of shareholder resolutions at a general meeting of Norcros shareholders.

Corporate Partner Richard Spedding led the Travers Smith team, assisted by Corporate Finance Associates James Addison and Tom Gubbins.