The corporate team at the Glasgow office of UK law firm Shepherd and Wedderburn are recovering lost sleep after working across international time zones for new AIM listed client Collagen Solutions plc on completing its reverse takeover of New Zealand-based biomedical company, Southern Lights Ventures 2002 Limited. Collagen Solutions, based outside Glasgow, is paying up to £6m in cash and new shares for the share capital of Southern Lights, and undertook a placing and readmission to AIM through joint brokers Zeus Capital and Panmure Gordon to raise £6m to fund the acquisition and provide working capital for the enlarged group.
Dr Stewart White, chief executive of Collagen, said “ We are delighted to have acquired Southern Lights, a market leader in the supply of certified BSE-free tissue for use in the medical sector.
Certainly, securing this deal was not without its challenges, not least of which was the twelve-hour time difference combined with the cross-border complexities of a takeover of this size – it was fortunate to have George Frier and his corporate team at Shepherd and Wedderburn on side who adeptly managed the process for us.”
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About Collagen Solutions Plc
Collagen Solutions Plc is a global provider of medical grade collagen formulations and components for use in regenerative medicine, medical devices and in-vitro diagnostics.