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Liquidity Solutions

We offer several market types and solutions to unlock liquidity. Each situation is unique and the best solution will consider the needs of the company, its shareholders, its stage in the life cycle and its future plans.
Our experienced team can advise on the best solution for you.

Case Studies

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Brewdog plc

Challenge

BrewDog is a multinational craft brewery and bar chain based in Scotland. It is the largest and fastest growing craft brewer in Europe.

The company has successfully raised capital via its “Equity for Punks” crowdfunding rounds since 2009. With c. 160,000 shareholders, the company promised to provide an annual trading day to provide liquidity.

 

Solution

Asset Match worked with BrewDog to design a trading process that could accommodate a large number of participants within a short trading window.

 

Outcome

Since the first auction was held in 2014, Asset Match has facilitated trades in over £10m of BrewDog shares assisting over 850 individual participants. These auctions have allowed early-stage investors to realise impressive gains and allowed new investors to invest pre-IPO.

The most recent auction in 2019 valued the company’s equity at £1.1bn.

market type
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date
2014 to present
trade value
£10m
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Tottenham Hotspur Limited

Challenge

Tottenham Hotspur are renowned for its presence in English and European football. In 2012, the Company delisted from the London Stock Exchange’s Alternative Investment Market (AIM) at 39.25p per share with c. 30,000 shareholders. 

Due to a significant lack of liquidity, a number of concerned Tottenham shareholders approached Asset Match.

 

Solution

We provided regular periodic auctions in the ordinary shares on a bi-monthly schedule.

Outcome

Asset Match have been the Club’s official share trading platform since 2016 to buy and sell shares and have successfully traded over £7m worth of shares. During this time, the share price for Tottenham Hotspur has increased 5.4x as liquidity and price discovery improved. 

Most notably, the April 2016 auction saw £445,208 of shares trade at 200p per share (222,604 shares).

market type
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date
2016 to present
trade value
£7.5m
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Arsenal Football Club Debentures

Challenge

Arsenal FC is a long-established and successful team playing in the English Premier League and European competitions. As part of the financing for the redevelopment of its old stadium (Highbury), the club issued 4 categories of debentures with priority season ticket rights.

Liquidity in the debentures was poor and the existing trading facility saw only five debentures change hands over the course of three years. This was caused by poor transparency on the availability and pricing of debentures.

 

Solution

Asset Match designed a bespoke and transparent order book displaying the debentures for sale and implemented a secure escrow facility for settlement.

 

Outcome

Since being appointed as the club’s official debenture trading platform in September 2019, Asset Match has facilitated trading in over 80 debentures.

Participants enjoy the transparency of the order book and are able to make informed decisions on pricing.

market type
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date
2018 to present
trade value
80+ debentures traded
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Brompton Bicycle Limited

Challenge

Brompton Bicycle is a global manufacturer of innovative foldable bicycles with revenue in excess of £60m per annum.

The company had been providing internally managed trading windows to shareholders, but wanted a better solution. The previous mechanism lacked transparency and the company wanted to ensure that it was independent in the process.

 

Solution

Asset Match created a bespoke market for Brompton that included bespoke auction rules and an equity management and escrow settlement facility that Asset Match introduced. Auctions are held annually with an option for additional ad hoc auctions as required.

 

Outcome

The shareholders now benefit from a transparent auction process with market-derived pricing. The equity management platform also allows the company to see, manage and update its shareholder register with ease.

The first auction held in 2021 saw over 175 orders placed during the two week auction window and £2.7m traded in total.

market type
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date
2021
trade value
£2.7m
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Ipex Fund / Plaquetec Limited

Challenge

Ipex Fund was a venture capital fund that invested in early-stage healthcare and technology businesses. The fund had reached the end of its life and was in the process on winding down. The fund wished to dispose of its residual holdings (including Plaquetec) and distribute the proceeds to investors.

As the potential buyers were likely to be existing fund investors and partners, a market-derived price was required to satisfy fund governance and mitigate any conflicts of interest. The investment in Plaquetec was held in several different share classes and a solution was sought to simplify the sale.

 

Solution

To avoid the need for multiple auctions, Asset Match set up a bespoke BookBuild for the main investment share class for buyers to bid for. When a market-derived price was determined, and allocations finalised, the balance of shares in other classes were distributed to buyers in accordance with a pre-determined ratio.

 

Outcome

The BookBuild process was able to determine a market-derived price for the Plaquetec investment, the fund made a full exit, and proceeds were distributed to investors as planned.

market type
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date
2020
trade value
Undisclosed
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Gulfsands Petroleum plc

Challenge

Gulfsands Petroleum plc is an independent oil and gas company focused on the Middle East and broader MENA region. The company was admitted to trading on AM Private Market (Standard) in 2018 and hold quarterly auctions.

The company approached Asset Match to assist with a £345k fixed price discounted placing to shareholders that had been underwritten by it’s existing institutional investors (£4.1m committed funding).

 

Solution

Asset Match worked with the company and its other professional advisers on the deal structure and offering circular. The BookBuild process included taking expressions of interest from investors, arranging allocations and assisting the board with settlement.

 

Outcome

Displaying a dataroom and transparent BookBuild on the Asset Match platform allowed investors to make informed decisions and participate on an equal basis. The company secured the additional funding required to sustain its operations until 2021.

market type
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date
2020
trade value
£345k
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Barrel & Stone Limited

Challenge

Barrel & Stone is an artisan pizza company founded in 2015 to provide a quick, simple and cost-effective food offering to hospitality venues. A founder and original shareholder of the company had departed and wished to sell his entire c. 40% shareholding. 

Asset Match had an existing relationship with the company having helped raise seed and growth capital.

 

Solution

Asset Match ran a fixed price BookBuild process to place the founder shares with existing and new investors over a three month period.

 

Outcome

All of the founder shares were placed with sophisticated and HNW investors, providing a clean break. The remaining founder had the full backing of the new investors to grow the business.

market type
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date
2020
trade value
£1.3m
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Hub Investment Holdings Limited - t/a Moneyhub

Challenge

Moneyhub is an award winning financial management technology. The Open Finance platform enables users to truly understand and engage customers through powerful analytics and smart, actionable insights that deliver unique hyper-personalised experiences.

Following rapid revenue growth, Moneyhub approached Asset Match to facilitate the introduction of new investors which would allow the business to be scaled up.

 

Solution

Asset Match run a fixed price BookBuild process to raise funds from existing and new investors in two separate £2m and £5m investment rounds.

 

Outcome

Following the two investment rounds in 2018 and 2020, a total of c.£2.30m was raised from a number of sophisticated & HNW investors.

market type
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date
2018 & 2020
trade value
£2.3m
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