International law firm Stephenson Harwood LLP has advised finnCap on the admission of The People’s Operator Plc (TPO) to the AIM market of the London Stock Exchange.
Stephenson Harwood's corporate finance team advised finnCap as the Nominated Adviser (NOMAD) and broker, on the £20 million placing and admission, which gives TPO a market capitalisation of £100 million.
TPO is a virtual mobile network operator that donates a large proportion of its profits to good causes. TPO’s service offers customers mobile phone contracts which direct 10% of their monthly bill to a cause of their choosing. In addition the TPO Foundation, a UK registered charity, will receive 25% of TPO's UK trading profits. The net proceeds received from the placing will be primarily used to invest in the development of a viral on-line global community platform, which will be led by Jimmy Wales, the founder of Wikipedia.
TPO is chaired by Andrew Rosenfeld and is supported by a global advisory board which provides guidance and strategic advice to the board. The first member of the global advisory board is Sean Parker, an entrepreneur who co-founded the file-sharing computer service Napster, served as the first president of the social networking website Facebook Inc, and currently serves on the board of directors of Spotify.
The Stephenson Harwood team was led by finnCap relationship associate Guy Morgan with partner Tom Nicholls and supported by John Meehan, Matthew Peters, Kate Hewitson and Rebecca Gilbert.
Tom Nicholls commented "We are delighted to have advised finnCap in relation to TPO’s AIM listing. We have seen a considerable amount of AIM market activity over the past year and hope that this positive trend continues."