Stephenson Harwood has advised Numis Securities, a leading institutional stockbroker and corporate advisor, in its role as broker and adviser to model trains maker Hornby plc on Hornby's plans to delist the business from the main market and move to AIM. As well as model trains, Hornby owns the Scaletrix, Corgi and Airfix brands.
The AIM listing, which is currently subject to shareholder approval, will also raise £15 million through the placing by Numis of 15.8 million new ordinary shares at 95p per share, part of which will be used to pay off £8 million of bank debt. Numis will also act as NOMAD for Hornby on an on-going basis. The market switch was announced on 18 June alongside full-year results, which show that Hornby is back in profit.
The Stephenson Harwood team was led by corporate partner Tom Nicholls. He was assisted by senior corporate associate Tom Page.
Tom Nicholls commented "We're delighted to have advised Numis in regards to this high profile transaction, and we look forward to working closely with them in future."