Marlowe Plc, the UK provider of business-critical services and software for safety and regulatory compliance, has announced a proposed non pre-emptive placing to capitalize on acquisition opportunities as part of its defined strategy. Marlowe intends to raise gross proceeds of approximately £100 million ($119 million) through the issue of 14,492,754 new ordinary shares of 50 pence each at 690 pence per share to new and existing investors.

David Bowcock, corporate partner, Fieldfisher Manchester, who leads the legal team advising Marlowe said, “This is an exciting step for Marlowe, which now has a nationwide presence through its portfolio of business services and compliance software companies, towards further expanding its brand and reach across the UK. Marlowe’s focus on testing, inspection and certification and governance, risk and compliance reflects what we are seeing more generally among corporate clients in the legal sector, in terms of increased investment in governance and compliance and certifying adherence with increasingly rigorous regulations. We are also witnessing a clear uptick in M&A activity as the UK recovers from the economic shock of Covid-19 and more than four years of Brexit uncertainty.”

The placing will be conducted by way of an accelerated bookbuild process which will be launched immediately following this announcement, in accordance with the terms and conditions set out in the appendix to this announcement.

Cenkos, Berenberg and Goldman Sachs are acting as lead bookrunners in connection with the placing and Stifel is acting as bookrunner. Fieldfisher is serving as legal adviser to Marlowe. Maegen Morrison, Hogan Lovells is serving as  legal adviser to all four brokers