CMS advises Superyacht firm on AIM listing

A team of Scottish-based lawyers at CMS have helped a world-leading yacht services company complete its successful listing on London’s AIM exchange.

The legal team advising on the listing of GYG plc was led by Edinburgh-based partner Kenny Rose.

His team included Scottish corporate colleagues Caroline Ironside, Katie Hume and David Davidson, as well as banking specialist Dawn Reoch, with additional support from advisers in CMS’s offices in Spain, France, Germany, Italy and the Netherlands.

GYG, headquarted in Palma, counts 25 of the world’s 50 largest superyachts among its clients. The company generated over $60 million (£46.5 million) in revenue last year. Its flotation on the AIM exchange, where it raised an additional $9 million investment and there was a significant partial exit for its existing investors, was concluded last week.

CMS began its work on the AIM flotation in February. The firm’s extensive remit included negotiating all relevant agreements, conducting international due diligence, preparing and verifying the AIM admission document and advising their client’s board on their responsibilities in the process.

Working to a tight timescale, the legal team overcame the challenge of having to put in place a share re-organisation for GYG’s geographically spread business which operates across numerous legal jurisdictions.

Mr Rose said: “The work involved in delivering GYG’s listing on the AIM exchange really highlighted CMS’s international pedigree.

“Led by a Scottish-based corporate team with additional support from specialist colleagues, we also harnessed expertise from across our network of European offices, to support us across the multi-jurisdictional elements of this assignment.

“With its listing on the AIM exchange now successfully completed, GYG is now ideally placed to raise additional required investment to capitalise on the opportunities within its growing marketplace and further develop its business across the globe.”