Field Fisher Waterhouse advises on biggest AIM flotation of the year
Fieldfisher advises on biggest AIM flotation of the year
Field Fisher Waterhouse LLP has advised Trap Oil Group plc (Trapoil), the independent oil and gas exploration business, on the biggest AIM flotation of the year so far.
A team led by corporate partner Anthony Brockbank, assisted by partner George Cotter, senior associates Brad Isaac and Mark Gearing and solicitor Ed Westhead, advised Trapoil on its AIM listing and successful placing which raised £60 million at a market capitalisation of just under £80 million. The funds raised will assist Trapoil, which focuses on exploration in the UK continental shelf region of the North Sea, in its acquisition programme and planned future growth. The team worked closely with Strand Hanson Limited and Mirabaud Securities LLP who acted as nominated adviser and broker respectively to Trapoil.
Anthony Brockbank said: "This listing is a key step in Trapoil's growth and development, and as such our client needed the knowledge and experience of AIM market specialists. Coupled with our specialist expertise in the oil and gas sector, an area where we are seeing an increase in AIM activity, we were able to ensure a successful completion to the largest flotation of the year so far."
Mark Groves Gidney, CEO of Trapoil, said: "Fieldfisher advised us across a broad spectrum of issues associated with the flotation. They went beyond advising on legal due diligence, verification and admission aspects and were of great help in guiding us on the basic corporate structure, which included a complicated management incentive scheme, and a broad, flexible option scheme to incentivise management going forward. Working to a tight timetable, all of the executives enjoyed working with the Fieldfisher team."
Fieldfisher is recognised as a leading AIM adviser with expertise in the oil and gas sector. In the last six months the firm has advised KPMG Corporate Finance and Mirabaud Securities LLP on the flotation of resource company Central Asia Metals plc on AIM with a valuation of £83 million as well as AIM-quoted oil and gas exploration company President Petroleum plc on a placing to raise $50 million.
For further press information, please contact:
Louise Eckersley, PR Manager, Field Fisher Waterhouse LLP on +44 (0)20 7861 4120