CSF Group admission to AIM
1st May 2010, Corporate INTL
CSF GROUP, a leading provider of data centre facilities and services in South East Asia announced its admission to AIM on the 22nd March, following the successful placing of 50,909,091 new Ordinary Shares at a price of 55 pence per share to raise gross proceeds of £28 million for the Group. The new Ordinary Shares represent approximately 31.8% of the issued share capital of the Group upon Admission. Cenkos Securities plc is the nominated adviser and broker to the Group.
The group of companies of which CSF Group plc is the holding company (the “Group”) focuses on the infrastructure aspects of data centre design, development and management. The Group offers a range of highly flexible and scalable data centre services to domestic Malaysian, South East Asian and large international businesses.
The Group’s primary focus is the design, development, maintenance and operation of data centres in Malaysia and it has acquired minority interests in entities in Vietnam and Thailand to help to facilitate its planned expansion into these countries. The Group receives income from tenants of its data centres. The Group also develops data centres on behalf of third party customers.
CSF Group plc has a market capitalization of £88 million, which makes its listing the biggest new listing on AIM by an Asian company in more than a year. The placing is also the largest new issue on AIM in more than a year by a technology company.
Stephenson Harwood was the UK legal adviser to the Group, with a team led by Matthew Gorman (Partner)
Commenting on the admission Mr Gorman said: “This is a great result on the fundraising and a reward for much hard work over many years. It shows that AIM is still a significant platform for exciting growth businesses and affirms AIM’s international reach and reputation.”
Malaysian legal advice was provided by Raja, Darryl & Loh. The firm’s team was led by Tai Chu Wei, Partner, assisted by Kong Weng Kuen and Ng Chiat Yang.
Tai Chu Wei said: “We were the Malaysian counsel for CSF Group plc. We advised on Malaysian law and regulations that were of application to the float and to the business operations of the CSF group of companies in Malaysia.”
Tai Chu Wei believes that it was an extremely good deal for the client. “The IPO was oversubscribed and some GBP28 million was raised, a feat which I understand is not easy given the current economic climate in the UK,” he said.
VerrasLaw was the Jersey legal adviser to the Group, with a team led by Hiren Patel (Partner) assisted by Jonathan Bale.
The firm advised on Jersey law matters relating to the group structure, the directors duties, regulatory consents from the Jersey Financial Services Commission on the issue of the Admission Document, and the admission generally.
Commenting on the deal Mr Patel said: “It was oversubscribed; a surprise in the current economic environment! CSFG revenue generation is proven and the capital raising is to be used to grow this. This could be a sign that investors may be coming back into proven technology stock.”