Future plc’s £105.7 Million Rights Offering

CMS advised Numis Securities Limited as financial adviser, joint underwriter and joint broker, and Nplus1 Singer Capital Markets Limited as joint underwriter and joint broker on the £105.7m rights issue by main market listed Future plc to fund its proposed $132.5m acquisition of the B2C business of Purch Group, Inc.

The rights issue has been fully underwritten by Numis and N+1 Singer.

Future is a global platform business for specialist media with diversified revenue streams, generating revenue from digital advertising, eCommerce, events, licensing, retail, subscriptions and contract publishing. It is headquartered in Bath, UK, and has operations in the UK, US and Australia. Future is the parent company of the Group and has subsidiaries in the UK, Australia, US (including, following the Acquisition), Germany, the Philippines and Guernsey.

Purch Group, Inc. is a leading US consumer online technology media publisher, with both owned and operated sites and strategic partnerships where it acts as an advertising technology provider to a network of publishers. Purch B2C’s portfolio of brands and mobile applications have strong market positions, including technology brands Tom’s Guide, Tom’s Hardware and Top Ten Reviews, and science brands Live Science and Space.com, the number one space website in the US.

The CMS team was led by Head of ECM Alasdair Steele (Picture), with assistance by corporate senior associate Nicole Gyring-Nielsen and associate Will Holder.

Involved fees earner: Nicole Gyring-Nielsen – CMS Cameron McKenna Nabarro Olswang LLP; William Holder – CMS Cameron McKenna Nabarro Olswang LLP; Alasdair Steele – CMS Cameron McKenna Nabarro Olswang LLP;

Law Firms: CMS Cameron McKenna Nabarro Olswang LLP;

Clients: Nplus1 Singer Capital Markets Limited; Numis Securities;