International law firm Stephenson Harwood LLP has advised new client, easyHotel plc (easyHotel), on its upcoming placing and admission to trading on the AIM market of the London Stock Exchange, which will occur on 30 June 2014. Market capitalisation on admission will be £50 million.
The easyHotel group was founded by Sir Stelios Haji-Ioannou in 2004. It is the international owner, developer, operator and franchisor of 1,600 rooms in 19 'super budget' branded hotels, spread from Edinburgh to Johannesburg and Dubai, including seven hotels in London. The hotels aim to offer exceptional value with guests able to book online via a flexible pricing system on the basis of the earlier you book, the less you pay and with periods of high demand costing more than less popular periods.
Stephenson Harwood provided legal advice to easyHotel including advising on the placing, loan capitalisation, licencing and incentive arrangements and all aspects of the IPO, with 37,500,500 new shares being issued by easyHotel at 80.0p per share. Investec Bank plc acted as sole bookrunner, broker and NOMAD to the issue.
Commenting on easyHotel’s AIM admission, Tom Nicholls, partner in the corporate finance group at Stephenson Harwood, said "We are delighted to have advised easyHotel on its IPO and admission to AIM. The backing of institutional investors will allow easyHotel to acquire and develop new hotel sites, enabling it to capitalise on the significant growth opportunities available in the ‘super budget’ hotel segment through the strength and international recognition of the ‘easy’ brand."
The Stephenson Harwood team was led by corporate finance partner Tom Nicholls. He was assisted by corporate associates Jen Tyson, Judith Elgood and trainee Will Carter together with IP partner Alexandra Pygall and associate Simon Bollans and incentives partner Barbara Allen and associate Anika Chandra. Travers Smith advised Investec Bank plc.