PKF Francis Clark commended for successful IPO project
PKF Francis Clark, our member firm based in the south-west of England, is proud to have acted as reporting accountants for Tungsten West Plc’s initial public offering (IPO) last month. Tungsten West is a UK mining company which owns the Hemerdon tungsten and tin facility in Devon.
Tungsten West raised approximately £39m from investors on admission to the Alternative Investment Market, giving it a market capitalisation of £106.2m on its first day of trading. The company will use the finances raised to rebuild and restart mining at Hemerdon, after mining operations ceased at the site in 2018.
PKF Francis Clark’s Plymouth team was instrumental to the success of the listing, working closely with colleagues at PKF Littlejohn in London to provide comfort to investors on Tungsten West’s historical financial information.
The IPO was an exciting project to advise on as it serves not only to kick-start job creation in the region, but also shines a spotlight on the south-west of England, raising the profile of the area amongst international investors.
Duncan Leslie, managing partner of PKF Francis Clark’s Plymouth office, is proud to have been so closely involved and said, ‘Working with Tungsten West, we are well aware of the business' potential to be a driver of economic growth in our city and region over the coming years, so we were delighted to be asked to support our clients in delivering their IPO.’
Nigel Widdowson, chief financial officer at Tungsten West, praised the PKF Francis Clark team for their support with the IPO. He said, ‘We appreciated Duncan and his team's dedication and professionalism over what was an intense but ultimately extremely successful process. We look forward to working with PKF Francis Clark over the next phase of Tungsten West's development as we move towards restarting Hemerdon: a significant project both for the UK and globally due to its substantial tungsten resource.’
Read more about the services offered by PKF Francis Clark here.