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7 July 2010

Asters advised on the first Ukrainian information technology IPO on the international capital markets


Asters advised Scotland-based EasyDate on Ukrainian law issues in preparation for their £10 million offering of shares (IPO) on the London Stock Exchange's Alternative Investment Market.

EasyDate successfully entered the London market on 30 June attracting the interest of major institutional investors, including BlackRock, the largest money manager in the world, and leading to a market capitalization of more than ВЈ49 million. EasyDate Group provides IT infrastructure and marketing solutions, ongoing IT development and support services for the fast-growing online dating business. All IT operations of the group are located in Ukraine and are performed through two subsidiaries located in the cities of Zaporizhia and Dnipropetrovsk.

Senior associate Leonid Antonenko and associate Yevgen Porada under supervision of the head of Aster's capital markets practice Senior partner Armen Khachaturyan performed due diligence of the company's Ukrainian subsidiaries and advised on other Ukrainian legal issues associated with the placement.

Commenting on the transaction, Leonid Antonenko said: "This is the debut placement by the Ukrainian IT sector on the international capital markets which turned out to be a clear success raising sizable funds from a pool of high-profile institutional investors. Despite the Scottish legal address of the issuer, its founding shareholder and one of the executive directors is a Ukrainian citizen. The entire IT staff of the Group are located and work in Ukraine. In fact, this issue is the first Ukrainian information technology product that ever reached a European stock exchange. Asters' legal support of the project enhanced our intellectual property and IT practices and added a valuable contribution to the capital markets expertise of the firm."



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