Cobbetts' public markets team has advised on the readmission to AIM of ASX-listed Leyshon Resources Limited ("Leyshon") (AIM: LRL), the mining investment company focused on China, just one month after the firm's advisory role in the £89.1 million (market cap) admission to AIM of gold exploration company Hummingbird Resources Plc.

As part of its readmission, Leyshon placed 30,435,130 new ordinary shares at AUS$0.23 with a number of high-profile Chinese institutional investors, raising approximately AUS$7 million before expenses. Leyshon has a market capitalisation of £45m.

Founded in 2003, Leyshon is an investing company specialising in Chinese mining projects with offices in Beijing, China, and West Perth, Australia. Leyshon was originally admitted to AIM in 2005 and, in late 2009, it disposed of its principal asset for a total consideration of US$78 million - its interest in the Zheng Guang gold project in China. The company was then treated as an investing company under the AIM Rules, requiring it to effect a reverse takeover or implement its investing policy by 1 December 2010. Following this deadline, trading in the company's shares would be suspended and subsequently cancelled if such a transaction was not completed.

Noting that any potential transaction was likely to take considerable time to complete and that continued suspension of its shares would not be beneficial to its shareholders, on 31 December 2010, Leyshon chose to voluntarily cancel its existing admission and simultaneously seek readmission to AIM as a new applicant. This allowed Leyshon a further twelve months under the AIM Rules to effect such a transaction.

The company is planning to invest in high quality coal assets in Xinjiang and South West Mongolia, which will sell into the escalating demand for thermal and metallurgical coal across China over the next ten years.

Head of public markets Andrew Wright and partner Sefton Collett led the Cobbetts team that advised Leyshon on this innovative readmission. They were supported by associate Davey Brennan and solicitor Stephen Roberts. Wright said: "Leyshon has an excellent track record of sound investments in the mining sector - particularly in China. Its readmission to AIM allows the company time to select and negotiate further investments in China and Mongolia, whilst ensuring its shareholders benefit from its AIM listing."

Cobbetts LLP has experienced "exceptional" growth in the number of AIM-listed companies that it advises, according to the 5th Anniversary Hemscott Corporate Adviser Rankings Guide, published in December 2010. The firm, which is ranked 18th by AIM clients amongst UK legal advisers, has increased its number of junior market clients by 130 per cent since 2005 to 23 in 2010, and is the leading legal adviser to basic materials companies on AIM, according to Hemscott.