Bird & Bird advises Evolution Securities Limited

15 April 2010

International law firm Bird & Bird LLP has advised Evolution Securities Limited and its fellow Evolution Group plc subsidiary, Darwin Strategic Limited in connection with the provision of a three year £25m equity finance facility to Provexis plc. AIM-listed company Provexis plc is focused on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies.

Equity finance facilities are an alternative form of equity finance designed to provide a listed company with fast and cost effective access to capital by reference to the volume of secondary trading in its shares on the exchange upon which it is listed. The facility was arranged by Darwin Strategic, a joint venture set up between Evolution Group and Darwin's management for the provision of such facilities and other alternative funding solutions. Bird & Bird also advised Evolution Group on the formation of the Darwin Strategic joint venture.

The Bird & Bird team was led by London-based Corporate partner Simon Allport, assisted by associate Joanne Bletcher. Provexis was advised by Shoosmiths partner, Nigel Thorne.

Simon Allport, Partner, Bird & Bird, London, commented:  "In an environment where traditional forms of debt and equity funding continue to be difficult to put in place, Evolution (through the creation of Darwin) has recognised the potential attraction of alternative forms of funding to its clients. We are delighted to have helped in the set up of Darwin and the provision of its first equity finance facility to Provexis. We look forward to continuing to work with Evolution and Darwin on the development of this new strand of its business.”