Carey Olsen advises Kape Technologies on cash box placing to raise US$115 million
Carey Olsen's corporate team in Guernsey has assisted Kape Technologies plc (Kape) on its oversubscribed equity fund raising on the London Stock Exchange, which has raised gross proceeds of US$115 million. The AIM-listed company conducted the placing and retail offer by using a Guernsey cash box structure.
The funds will allow Kape to consolidate previous acquisitions in the digital privacy market and enable it to exploit other potential acquisition opportunities which may arise as a result of current market conditions.
The resurgence in listed companies utilising cash box structures to access funding on an expedited basis has been aided by the UK Pre-emption Group relaxing its Statement of Principles as a result of the ongoing economic effects of the coronavirus (COVID-19) pandemic.
Working alongside onshore counsel Bryan Cave Leighton Paisner, the Carey Olsen team was led by partner Tony Lane, assisted by associate Alexandra Hehir.
Tony said: "Cash boxes are typically used by listed trading companies to raise capital on an urgent basis to address severe financial pressures, such as those caused by the coronavirus pandemic. Therefore, we were particularly pleased to work with Kape to use a cash box to support its growth strategy. The transaction was concluded extremely quickly, aided in part by Guernsey's flexible company law regime."
Bookrunners for the placing were Shore Capital, N+1 Singer and Stifel, with Barak Capital acting as placing agent in Israel.
