Squire Sanders has advised the full-service broking and advisory house and AIM nominated adviser Peel Hunt LLP, in relation to an equity fundraising by Peel Hunt’s client, Hydrodec Group plc. The fundraising involved an institutional placing, a placing with Hydrodec’s directors and an open offer to Hydrodec’s shareholders, with a view to raising up to £24 million. The funds raised will be used to re-pay Hydrodec’s existing debt and position the company for future growth. The fundraising is conditional on the approval of Hydrodec’s shareholders.
Formed in 2001, Hydrodec is a cleantech industrial oil refining group, which has global ownership of patented know-how in the application of sustainable technology for the power, oil, petrochemical and hazardous waste industries. Headquartered in London, the company has operations in the US and Australia. The company’s shares are listed on the AIM Market of the London Stock Exchange.
The Squire Sanders Corporate team advising on the transaction was led by London partner Giles Distin.