In this case Renewable Power & Light (“RPL”) brought claims against former advisers in relation to its admission to trading on AIM, the alternative investment market of the London Stock Exchange, in 2006. One claim was against Grant Thornton which had acted as Nominated Adviser for the purposes of the AIM Rules, the contention being that the Nominated Adviser ought to have refused to make a declaration that RPL was suitable for admission on account of a supposed weakness in the company’s business plan. This claim was pursued to trial, but in the third week of the trial RPL discontinued its claim. Grant Thornton was awarded indemnity costs against RPL, on the basis of contractual indemnities contained in its Retainer Letter and in the Placing Agreement: see the judgment of Morgan J [2014] EWHC 3848 (Ch) by clicking here.

Christopher Butcher QC acted for Grant Thornton.