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Rosenblatt sees tidy gains in first day of trading on AIM

Published: 10:15 08 May 2018 BST

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The firm added that it intended to propose a first dividend before the end of the year

City law firm Rosenblatt Group PLC (LON:RBGP) saw tidy gains on its placing price as it began its first day of trading on AIM on Tuesday.

As of mid-morning, the shares were steady at 106p, a premium on the placing price of 95p which gave the company a market cap of around £76mln.

The firm said a fundraising before the admission, which was significantly oversubscribed, raised around £43mln before expenses through the issue of 80,092,106 ordinary shares.

Rosenblatt provides a range of legal services to a client base which includes companies, banks, entrepreneurs and individuals, with an international footprint covering cross-jurisdictional cases in America China, India and Israel.

The group's practice areas cover dispute resolution, corporate, banking and finance, construction and projects, employment, financial services, IP/technology/media, real estate, regulation and tax.

The firm added that it intended to propose a first dividend for the period from May to September 2018 before the end of the year, with a progressive dividend policy expected over time.

Nicola Foulston, chief executive of Rosenblatt, said: “Our admission to AIM will provide us with a significant opportunity to create a profitable and growing business to capitalise on the changes seen in the legal marketplace in the UK in recent years driven by regulatory reform and new technology.  We want to use the funds raised to take advantage of what is a highly fragmented market to engage in consolidation as well as fund more litigation 'in-house'.

She added: “Our structure, combined with our admission to AIM, will help us to be more flexible, produce higher margins than the traditional law firms and allow equity participation for all staff enabling us to attract talent.”

Rosenblatt is the fourth English law firm to go public, following Gateley PLC (LON:GTLY), Gordon Dadds Group Plc (LON:GOR), and Keystone Law Group PLC (LON:KEYS).

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