The firm has also acquired PR, marketing and events management company Full Portion Media for £1.36 million.
Aquarius, established in March this year, launched the IPO in order to set up the company and meet initial expenses. The company is has a market cap of £3.41 million and its share price currently stands at 4p.
The placing consisted of admitting 15 million ordinary shares of 0.25p each at 3p per share, the company’s entire ordinary share capital of 85.16 million and its warrants, exercisable at 1p each.
Aquarius Media was established by Griffin Corporate Finance, a wholly owned subsidiary of Griffin Group which is an AIM-traded investment banking business.
Fisher Corporate provided financial advice and has worked with the Griffin Group previously. The team was led by director Carolyn Hazard and senior associate Georgina Ingledew.
The advisers compiled the placing and admission document and submitted the company’s application to PLUS.
Hazard said: “The transaction ran extremely smoothly, mainly due to our good working relationship with both Griffin Group and Beachcroft LLP, the company’s lawyers.”
Existing Aquarius Media directors Vincent Nicholls & Adam Ward have been researching and identifying potential acquisition opportunities in the public relations and marketing services sectors in accordance with the company’s defined investment strategy with the objective of producing long-term capital growth.
As a result of this research, the company has acquired Full Portion Media for a consideration of £1.36 million, satisfied by £30,000 payable in cash and by the issue of 44.33 million new ordinary shares at a price of 3p per share.
The acquired business was founded in March 2006 by Aroon Maharajh to create, launch and sustain clients in prominent positions within the media.
Since its incorporation, the company has built up a client base of 10 public relations clients and 29 celebrity management clients.