Jersey Company Used For Major London Listing
Monday, July 11, 2011
Mourant Ozannes has advised Vallares plc, a Jersey company, on its flotation
on the Main Market of the London Stock Exchange, which raised GBP1.35bn (USD2.15bn) –
the second largest such flotation this year, just seven days after making an
announcement that it intended to launch an initial public offering (IPO).
Vallares is a 'special purpose acquisition company' backed by former BP chief
executive Tony Hayward and financiers Nat Rothschild, Julian Metherell and Tom
Vallares intends to establish itself in the resources sector, by acquiring
interests in one or more complementary companies, businesses or assets, focussing
on oil and gas emerging-market enterprises.
In 2010, Mourant Ozannes also advised on the GBP700m flotation of Vallar plc,
a special purpose acquisition company also backed by Nat Rothschild. Vallar
plc has since completed transactions to create a leading natural resources group
with the largest coal producing assets in Indonesia.
The GBP1.35bn raised in the Vallares IPO makes it the second largest flotation
on the London Stock Exchange this year following on from the flotation of Glencore
plc which completed in May. Mourant Ozannes also acted as the sole Jersey legal
adviser to Glencore plc.
Jacqueline Richomme, partner at Mourant Ozannes who led the legal team on the
Vallares transaction, commented:
"We are delighted to have advised on another hugely significant IPO in
the London market this year, following on from Glencore earlier this year and
Vallar last year. [This] reiterates the attraction of Jersey for such sizeable