International law firm Bird & Bird has been advising new client, XCounter AB (publ), on its admission to trading on AIM and institutional placing. XCounter, set up by an ex-NASA scientist, is a Swedish based company that has developed a fundamentally novel technology for capturing 3D digital x-ray images. The placing raised £16 million for the Company giving it a market capitalisation of £55.6 million on admission. XCounter is currently the only Swedish registered company to be admitted to trading on AIM.
Bird & Bird was the lead legal advisor on this deal with lawyers in the firm’s UK office involved in all aspects of the deal. London partner Matt Dennis led the work with Mark Cummings as lead assistant. The deal is part of a growing area of work for Bird & Bird in advising non-UK companies wishing to be admitted to AIM. The firm recently acted on AIM admissions for the first Dutch company (Bateman Engineering) and the first Italian company (Teleunit S.A) to launch on AIM.
Commenting on the deal, Johan Stuart, CFO of XCounter said:
“This is the first time we have used Bird & Bird in London and we were delighted with their support”.
Matt Dennis added:
“Our corporate work in life sciences is going from strength to strength. This transaction was a great example of our international work in one of our key industry sectors”.
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