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Mills & Reeve advises Oxford company on £19.4m sale

Written by Sam Fountain

Wednesday, 19 December 2007

Corporate associate Zickie Lim led the Mills & Reeve team in the sale Mills & Reeve has advised the shareholders of Oxford Advanced Surfaces Limited (OAS), on the £19.4 million sale of its entire issued share capital to AIM-listed Kanyon plc (Kanyon). Kanyon will be renamed Oxford Advanced Surfaces Group plc as part of the transaction. The acquisition by Kanyon constitutes a reverse takeover for the purposes of the AIM Rules and is conditional upon, amongst other things, the approval of the shareholders of Kanyon. Kanyon has agreed to issue 77,539,907 of its ordinary shares to the shareholders of OAS (together with a payment of £50,000) as consideration for the acquisition which will constitute 43.58 per cent of the enlarged group on admission. Contracts were exchanged on 12 December 2007 and an admission document has been posted to Kanyon’s shareholders. It is expected that the ordinary shares of Kanyon will be re-admitted to trading on AIM on 31 December 2007. OAS develops and commercialises technology which enables the modification of the surface properties of a range of materials in order to increase and diversify their applications and functions. The technology is based on research that commenced over ten years ago at the University of Oxford and is capable of being applied to modify the surface properties of materials such as natural and synthetic polymers, as well as inorganic surfaces such as glass and diamonds. Marcelo Bravo, shareholder of OAS and proposed chief executive officer of Kanyon, said: “We have worked with Mills & Reeve before and were pleased to be able to tap into their expertise in AIM-related transactions. Their advice was invaluable in ensuring a successful conclusion.” Corporate associate Zickie Lim led the Mills & Reeve team, assisted by senior solicitor Stephen Hamilton, technology specialist Sarah Cole, tax associate Deborah Clarke and employment solicitor Andrew Secker. Mills & Reeve has acted for OAS since its incorporation and spinout from the University of Oxford with funding from IP Group in 2006 and is therefore extremely pleased to have advised OAS once again at this important time in the company’s evolution. Zickie Lim commented: “It is always a pleasure to be able to help a company in its early stages and then work with it right through to a successful listing. We look forward to seeing OAS grow from strength to strength in its new public environment.” Zimmerman Adams International Limited is nominated adviser and broker to Kanyon and Kanyon was represented by Fasken Martineau Stringer Saul.

 

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