Ashurst advises Numis & Deutsche Bank on £55m placing by Forterra plc

Pursuant to the Placing, Forterra will issue 28,205,128 new ordinary shares at a price of 195 pence per share, raising gross proceeds of approximately £55 million.

The net proceeds from the Placing are intended to enable Forterra to maintain a strong balance sheet that can support the Group’s continued investment programme, including the completion of a new brick manufacturing facility at Desford in Leicestershire, which is expected to generate attractive returns over the medium term, position the Group to benefit from recovery in the housing market and withstand a range of downside scenarios resulting from COVID-19, as well as to secure a refinancing of existing bank facilities.

The Ashurst team was led by corporate partner Nicholas Holmes, head of the ECM practice, assisted by senior associate Louise Chan, and associate Kseniia Samokhina. Head of US Securities Jennifer Schneck and counsel Jeffrey Johnson advised on US securities law aspects of the transaction. Partner Nicholas Gardner advised on UK tax matters, assisted by associate Martin Voelker.