22 May 2014

Stephenson Harwood LLP advises on two AIM reverse takeovers

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International law firm Stephenson Harwood LLP has advised on the two recent reverse takeovers of Feedback plc ("Feedback") and Rex Bionics Plc ("Rex Bionics").

Stephenson Harwood advised new client, Feedback on the acquisitions of Cambridge Computed Imaging Limited and TexRAD Limited (both medical imaging software companies) for a mixture of cash and share consideration. Feedback also raised new funds through a subscription for new ordinary shares. The transactions completed and the new shares were admitted to trading on AIM on 19 May 2014.

Stephenson Harwood also advised Oriel Securities Limited ("Oriel"), NOMAD and broker to Rex Bionics (formerly named Union MedTech plc, "Rex Bionics"), in relation to a £10 million placing by Oriel on behalf of Rex Bionics (giving Rex Bionics a market capitalisation of £25.7 million), its acquisition of Rex Bionics Limited (a New Zealand company which changed its name on completion of the transaction) and the re-admission of Rex Bionics to trading on AIM on 8 May 2014.

Rex Bionics develops and markets hands-free robotic exoskeletons for use by wheelchair users. It focuses on products designed to enable wheelchair users to stand and walk autonomously without the need for crutches or supports and is the only company to mass produce hands-free walking devices for wheelchair users.

Tom Nicholls, corporate partner at Stephenson Harwood commented "we are delighted to have advised Feedback and Oriel on these important transactions. We have seen a significant increase in the amount of AIM market activity over the past year and hope that the positive development continues in future."

Tom Nicholls lead the teams for both deals and was supported by intellectual property partner Alexandra Pygall, as well as associates Tom Page, Sarah Gauld and Anika Chandra and trainee Will Carter.

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Tom Nicholls

Tom Nicholls
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