The final quarter of 2006 has been very active, rounding off another year of progress in which we have seen 14 AIM and PLUS flotations, secondary issues and other corporate finance transactions, separate from our merger activity. The sale of our client, Company I, to Symantec Corporation in early December has finished another busy year for our M&A team. We also have several interesting transactions in progress for the New Year.
In Q4, we acted for Victoria Oil & Gas plc in relation to a framework agreement with EnergoPromInvest for the potential supply of gas to a new power plant to be constructed in Moscow. Having acted on the flotation of Brinkley Mining plc to AIM in June, we recently completed its acquisition of a company (to be renamed Brinkley Africa Ltd) which has an agreement entitling it to explore for and develop chromium deposits in the Democratic Republic of Congo.
We have also admitted to PLUS our third company this year, Trevor Baylis Brands plc. We recently advised on two institutional secondary issues on AIM, raising £5 million for Metals Exploration plc and £1.46 million for Rusina Mining NL, and are in the final stages of a £14 million scheme of arrangement for the recommended acquisition of Eureka Mining plc by Celtic Resources Holdings plc.
Looking back over 2006, the changes in market conditions are apparent. It is harder to raise funding and get deals away; and nomads are hearing loud and clear the message from the London Stock Exchange that they must take their "gatekeeper" responsibilities seriously. Having issued mining company guidance notes in March 2006, the AIM team are currently imposing specific Rules for Nomads to sit alongside the Rules for AIM Companies. This will further encourage a "flight to quality" which will exacerbate the problems faced by those early stage companies for which AIM was initially intended. AIM'S flexibility remains, but we expect to see market practice stiffening its joints.
The PLUS Market has made progress, but has not yet made a significant breakthrough in liquidity. AIM was in a similar position in its early days and, as PLUS companies grow, their liquidity will increase. We expect to see more early stage companies electing to join PLUS rather than attempt to struggle onto AIM, just as they went to AIM rather than the main market a decade ago.
We have seen an increasing number of pre-IPO fundraisings below €2.5 million in the natural resources sector in particular this year, enabling companies to acquire mineral interests and prepare for flotation on PLUS or AIM. This structure represents a non-institutional (and much lower level) funding alternative to the AIM investing company, though without immediate marketability. It remains to be seen whether this part of the fundraising landscape will attract further regulation.