Hill Station secondary AIM listing
Ice cream manufacturer Hill Station plc has successfully completed the acquisition of the business and assets of the So Real Ice Company Limited and raised £3.3 million, before expenses by the placing of 1,320,000,000 new ordinary shares to institutional and other investors at a price of 0.25 pence per ordinary share.
The So Real Ice Company produces own-label and organic ice cream for certain of the supermarkets and supplies ice cream to the food service sector.
Bill Mapstone, chairman of Hill Station said: “We believe that the fundraising will enable the company to have a viable future and it is capable of creating shareholder value in the medium term through growth by acquisition.”
Joelson Wilson acted for long standing client Hill Station in respect of the acquisition of the assets and business of the So Real Ice Company Limited and the fundraising.
Commenting on the transaction Phil Hails-Smith, partner at Joelson Wilson, said: “This transaction assisted Hill Station as part of its turnaround strategy by providing further turnover and expanding the range of products produced. The deal required careful planning to minimise the impact on customers of transferring an ice-cream business during its highest production period and also raising equity finance during this traditionallyquiet period in the capital markets.”
City Financial Associates acted as the company’s broker and JM Finn is the company’s nomad. Finers Stephens Innocent corporate partner Sara Wax advised City Financial Associates and JM Finn Capital Markets respectively.
