HMT advised and acted as reporting accountants to Premier Research Group on the AIM flotation in December 2004.
The flotation raised £8 million before costs at a placing price of 40p per share, and was accompanied by the raising of a £3.5 million banking facility from Lloyds TSB. This enabled Premier Research Group to repay its Acquisition Loans and strengthen its balance sheet.
Premier Research Group was originally established in 2002 as a buy and build strategy, with the aim of creating a global contract research organisation, providing clinical trail management and informatics capabilities to the international pharmaceutical and biotechnology industries. Premier Research Group made three acquisitions in the 20 months to January 2004 in the UK, main land Europe and in the USA with HMT advising throughout. This has allowed the group to tender for and win substantial new contracts, which as standalone businesses they would not have been able to win.
The flotation not only provides a far greater profile and presence for Premier Research Group enabling it to win new business, but will also facilitate further acquisitions that will compliment the continuing organic growth of the group.
Simon Yaxley, CEO of Premier Research Group commented:
“I am delighted about what we have achieved in the last two years, the AIM flotation sets us up for continued global growth. I would like to thank our advisory team for their hard work and commitment, we not only benefited from HMT’s understanding of where we are strategically but also from their strong reputation within the financial community.”
“The flotation completes a remarkable story, having helped the company to successfully complete three acquisitions we were only to pleased to advise them on the flotation.”