Kerman & Co advises MySQUAR on oversubscribed placing of £2M
April 18, 2017
Kerman & Co advised AIM-quoted client MySQUAR in connection with its recently completed secondary fundraising. MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, raised £2 million by way of an oversubscribed placing of new ordinary shares. The placing is being carried out in two tranches, the first tranche having been completed on 10 April with the second tranche anticipated to be completed on or around 4 May.
MySQUAR has successfully released the gaming platform Lucky Wingabar and anticipates releasing a new game, WuKong, later this month. Significantly, the company has started to monetise VoIP services and MyChat. The placing proceeds will enhance MySQUAR’s capability in growing revenue across all its applications and games, as well as facilitating its delivery of other financial targets.
Simon Holden (Partner) and Jack Kemmish (Solicitor), members of the Corporate & Capital Markets team, advised MySQUAR.
Simon Holden, Partner, who advised on the transaction commented: “We are pleased for our client that the placing was oversubscribed in such a short space of time, which is just reward for the time and effort which the management team spent on the proposition. We were presented with an incredibly short time period within which to complete the transaction, and I am proud of our team’s efforts in achieving this in line with our client’s expectations. Our client can be justifiably proud of completing the fundraising within the timeline too, given their extraordinary efforts to remain fully engaged throughout the process notwithstanding the challenging time differences which were involved. It was a real team effort.”