Shoosmiths advises on Provexis demerger

Shoosmiths advises on Provexis demerger

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Author: Sophie Llewhelin

Corporate specialists at Shoosmiths have advised Provexis, the sports nutrition and life science group, on the demerger of its Science in Sport division.

Science in Sport (SiS), which manufactures and sells sports nutrition products, has been independently listed on AIM and officially joined the AIM growth market on 9 August. Shareholders in Provexis have received, for every 100 ordinary shares, one new ordinary share in Science in Sport plc.

Partner Mark Shepherd and solicitors Gareth Davies and Janine Esbrand acted for Windsor-based Provexis, which is an existing Shoosmiths' client.

Provexis announced the demerger plan last month and has raised £2.25m by offering four million shares at 56p each on a private placing.

The flotation has given the new business a market value of £10.9m

Shepherd said: "This was a complex transaction because of the multiple aspects that were involved, including a capital reduction in Provexis, the associated court and shareholder approval process and the admission of SiS to AIM - all of which had to be completed to a challenging deadline.

"It was essential that we had the right team working together on this deal to ensure the best result for our client."

Stephen Moon, CEO of Provexis, said: "Mark and his team really pulled out all the stops on this deal. Their corporate expertise and commercial approach were impressive, not to mention their project management skills. They really are experts in their field."

SiS has a number of high-profile brand ambassadors, including British Olympic athletes Sir Chris Hoy, Rebecca Romero and Helen Jenkins.

Shoosmiths' national corporate team, which is based in seven UK locations, was recently named 'Law Firm of the Year' at the prestigious national M&A Awards, 2013

It was ranked number three in the UK Experian Corpfin Adviser League Tables for volume of deals done in 2012 and topped the tables in both the South East and South West regions, having completed more deals than any other law firm in those regions last year.