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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 Daniel.

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 listings."