RPC advising Dialog on €43.8 million share placing
City law firm Reynolds Porter Chamberlain LLP (RPC) is advising the UK company, Dialog Semiconductor Plc (Dialog) on its placing of 12,000,000 shares on the Frankfurt Stock Exchange. The new shares are being placed with new and existing institutional investors at a price of €3.65 per share to raise gross proceeds of approximately €48.3 million (the Placing).
Dialog is a global designer, developer and supplier of mixed signal integrated circuits with a focus on the integration of power management, audio, motor control and display processing functionalities. Dialog's main markets are high volume portable products (cellphones, smartphones and other portable consumer electronic devices), automotive and industrial applications, and it sells its products to industry leaders such as Apple, Bosch, Qualcomm, Research-In-Motion (RIM), Samsung, Sharp, SonyEricsson and TridonicAtco.
Dialog is planning on using the net proceeds of the Placing to expand its design and technical support teams, to acquire complementary technology and intellectual property and to increase its working capital resources to fund growth.
Tim Anderson, Partner, of RPC comments: "We are delighted to be advising Dialog on this significant secondary fundraising. Considering the challenging economic environment it is a good sign that there are companies out there willing and able to tap the equity markets to fund growth. Dialog has delivered seven consecutive quarters of profitability, and this is a great deal for us to be involved in."
The Placing is conditional upon shareholder approval at a General Meeting scheduled for 25 September 2009. It is expected that trading of the new shares will commence on the Frankfurt Stock Exchange on or about 30 September 2009.
The RPC team is headed by Tim Anderson, assisted by Karen Hendy.
Freshfields Bruckhaus Deringer LLP is advising Dialog on US and German related aspects of the Placing. Ashurst LLP is advising Jefferies International Limited, who acted as sole bookrunner, and Close Brothers Seydler Bank AG, who acted as co-lead manager.
Tim Anderson, Partner
Reynolds Porter Chamberlain LLP
Tel: +44(0)20 3060 6845
Eszter Sebők or Nick Mattison
Mattison Public Relations
Tel: +44(0)20 7645 3636