Eversheds on song with music industry float
Cambridge lawyers have made sweet music following a successful IPO.A top Cambridge lawyer led a team from international law firm Eversheds that advised on the stockmarket flotation of venture capital trust Edge Performance VCT plc.
The trust has been established to raise £30 million to invest in companies that promote live events, for established as well as up and coming musicians. It will also invest in firms that arrange and promote sporting events.
The directors include Eric Clapton’s manager Sir Robin Miller and ex-Eversheds partner Frank Presland, who is now manager of stars such as Sir Elton John and James Blunt.
Live8 promoter Harvey Goldsmith is on the management board, and the trust will also be working with sports and entertainment presenter AEG Live UK Ltd as well as SJM Ltd – a leading UK concert promoter whose shows include Robbie Williams, Coldplay and Take That.
The Eversheds team advising on the flotation was led by Cambridge-based corporate partner Glynne Stanfield, assisted by Dom Pickersgill and Debbie Fuller.
Stanfield: “This is the first Official List IPO carried out by Eversheds under the post-Prospectus Directive listing regime and underlines our strengths in both tax-based financing schemes and media deals. It also provides a great investment vehicle for those wishing to get involved in the rapidly growing live music market.
“Edge Performance is well placed to develop this market and has some of the biggest names in the entertainment sector behind it.”
The live music concert and festival market in the UK rose steadily in the period 1999-2004, increasing from an estimated value of £475 million to £613 million. It has been predicted to continue to rise to a level of £836 million in 2009.