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Media Releases
2005

20 June
2005

ProStrakan IPO Global Offering and Listing crowns year of significant public markets activity for Shepherd and Wedderburn

Shepherd and Wedderburn has acted as lead legal adviser to ProStrakan Group plc in its London main market flotation when it raised £40 million by way of a Global Offering of new shares. ProStrakan's market capitalisation at the issue price is approximately £187 million. Dealing in ProStrakan's ordinary shares began today.

Shepherd and Wedderburn's role as lead legal adviser included assisting in the co-ordination and project management of legal teams across Europe and in the United States. ProStrakan, an emerging pharmaceutical company, has established commercial operations in the UK, France, Spain and Germany as well as a more limited presence in other European countries. It has built a strong base business of 17 principal marketed pharmaceutical products and achieved sales of £21.3 million in the year to 31 December 2004 with further products awaiting regulatory approval before being marketed.

Shepherd and Wedderburn's team included London-based corporate partners Walter Blake and Stephen Trombala and IP partner Paul Carlyle. The team was headed by ProStrakan client-relationship partner James Will, S+ W's Head of Corporate Finance. Morgan Stanley, advised by Linklaters' corporate partner John Lane, acted as Sole Bookrunner, Sponsor and Lead Manager.

Wilson Totten, ProStrakan's CEO, said:
"This IPO has been all about raising funds to invest in the next stage of ProStrakan's growth and development as we continue our strategy of building a profitable and sustainable international pharmaceutical company.

Throughout the hectic process leading up to the IPO, the team at Shepherd and Wedderburn were immensely helpful and professional. It is a distinct advantage that they already knew us and our company well - and we look forward to our continued relationship."

Other public markets activity

Shepherd and Wedderburn has acted for the issuer or the investment bank in a total of 39 completed IPO's, secondary fundraisings/listed debt instrument issues or public company takeovers since March 2004.

In addition to the ProStrakan IPO, Corporate Highlights include acting for Cairn Energy in its £102.9 million placing; acting for Numis Securities in Augean's £100 million placing to fund two reverse takeovers; acting for HBOS in the annual update in its Eurobond and MTN programs in the aggregate amount of US$85 billion; acting for Teesland Advantage Property Income Trust in its £76 million main market listing. IPO's in the period include (i) acting for the company in the IPO's of ProStrakan, MicroEmissive Displays, BBI, IDMoS, Immunodiagnostic Systems, Vividas, eServGlobal and Teesland Advantage Property Income Trust and (ii) acting for the investment bank in the IPO's of Augean, FDM Group, SMC Group, Ceres Power, Homebuy Group, Lombard Risk Management, Albidon and Renova Energy.

One area where Shepherd and Wedderburn corporate finance has seen fast growing activity UK-wide is the Life Science and Medtech sectors. Shepherd and Wedderburn acted (i) for the company in the IPO's of (as indicated above) ProStrakan, IDMoS (detection of dental decay), Immunodiagnostic Systems (in vitro diagnostics) and BBI (manufacture of reagents for research and diagnostic applications) and (ii) for the investment bank in the placing of shares by Healthcare Enterprise Group and by Alliance Pharmaceuticals. Shepherd and Wedderburn also act in this sector for Axis-Shield and NMT Group.

Shepherd and Wedderburn corporate finance has also seen considerable activity in the public markets in the Mining and Resource sector where the firm has developed expertise following on from its long-standing acknowledged oil and gas expertise (Shepherd and Wedderburn act for a number of oil and gas related companies including main market - listed Cairn Energy and Edinburgh Oil and Gas). After acting for the investment bank in 2003 in the £210 million IPO of Russian gold miner, Highland Gold, Shepherd and Wedderburn, has acted since March 2004 for investment banks in public secondary fundraisings for Jubilee Platinum plc (platinum), Albidon (nickel), Consolidated Minerals (manganese, chromate and nickel ores) and ZincOx Resources (zinc).


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