Wallace advises Faces Cosmetics on AIM float

August 2006

Wallace has advised Faces Cosmetics, a fast growing Canadian cosmetics and skincare business, on its float on the London Stock Exchange’s AIM (Alternative Investment Market).

Faces Cosmetics raised US$2.13 million pre-admission and 50,900,000 shares will be admitted to AIM at 11.75p on 7 September 2006. The company currently has 54 retail outlets throughout Canada, North America and Central America and is planning further expansion both in the USA and an initial presence in the UK. They also have a presence in Ireland’s major department store, Arnotts.

Wallace’s team was led by Managing Partner Rex Newman and Solicitor Charlotte Wheeldon. Rex Newman commented: “The popularity and success of AIM to date is phenomenal; we have been advising companies and nomads on admission to AIM for a number of years and we are now experiencing an increasingly international focus. Entrepreneurial growth companies such as Faces Cosmetics are taking advantage of the UK markets which are attractive compared with USA markets governed by the Sarbanes-Oxley Act. London becomes the obvious alternative.”

Over 250 companies incorporated outside the UK are currently quoted on AIM.

City Financial Associates was appointed nomad, whose legal advisers were Field Fisher Waterhouse.
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Notes to editors

Wallace has particular experience advising companies and nomads on admission to AIM. We advise companies in the initial stages of expansion where they are considering a public offering, provide guidance through the admission process and in some cases advise the companies on acquisitions and investments post-admission.

Wallace was recently recommended in PLC Equity Capital Markets: The law and leading lawyers worldwide 2006/07, in the AIM category which recognises ‘law firms that have a well-known and successful practice providing consistent advice to younger companies…with a focus on quality, expertise and volume of deals, they also provide advice to companies in jurisdictions not familiar with UK disclosure requirements as well as domestic companies…’

In the same publication, Rex Newman was recommended as one of the ‘leading lawyers in this practice area worldwide’.