AIM company gains £128 million boost
International law firm, Bird & Bird, has recently advised AIM listed company, Patientline plc, on a major fundraising. Despite difficult market conditions, the company has raised approximately £38 million in equity through a placing and open offer and £90 million through a syndicated credit facility. It is the largest secondary issue on AIM in the last 12 months. The proceeds will be used to accelerate the installation of Patientline’s services in hospitals across the UK and The Netherlands.
Patientline is the leading provider of bedside entertainment and communications services for patients in acute hospitals in the UK and The Netherlands. Advised by Bird & Bird, the company received a significant injection of funds when it floated on AIM in March 2001 and further bolstered its position in The Netherlands with its acquisition of Telehire B.V. in November. Since its IPO, demand for the type of services offered by Patientline has increased rapidly, aided by the UK government bringing forward the deadline to introduce such services in all major hospitals in England to the end of 2003.
The Bird & Bird team was led by corporate partner Neil Blundell with assistance from Julian Courtney-Stubbs on the equity side. Banking partner, Brett Israel, supported by Andrew Hallgarth advised on the debt side together with partner Erik Limpens in Bird & Bird’s office in The Hague.
Commenting, Neil Blundell said:
“This is an important development for Patientline and represents a significant achievement for both the company and its advisers especially given current market conditions. We were very pleased to have played our part in this deal.”
Peter Coleridge, Finance Director of Patientline, added: “We were delighted with the support that we received from Bird & Bird throughout the transaction. In particular, Bird & Bird played a valuable role in dealing with issues as they arose in both the UK and The Netherlands.”
For more information, please contact partner Neil Blundell on +44 (0) 20 7415 6000 or Larry Cattle, Director of Marketing, on +44 (0) 20 7415 6156.