Hong Kong: Spin-off of Russian Non-precious Metal Business - Uses Appleby’s Global Offshore Services
Last Updated: 22 November 2010
Article by Mr Gray Smith

Appleby, the world's largest offshore law firm, recently advised on the listing of IRC Limited ("IRC"), a Hong Kong company, on the Main Board of The Stock Exchange of Hong Kong, in association with Norton Rose, local counsel for the issuer and Linklaters, local counsel for the underwriters.

IRC was previously a wholly-owned subsidiary of London Stock Exchange listed Petropavlovsk plc, Russia's third biggest gold producer, and is the holding company of the non-precious metals division of the group following the spin-off of the division via various Cayman entities. The global offering of IRC's shares on The Stock Exchange of Hong Kong was successfully listed last month and the offering raised net proceeds of approximately HK$1,722 million (approximately US$222 million) for the IRC group. Petropavlovsk will continue to be the largest shareholder in IRC with an interest of 65.61%.

This listing is significant for Appleby. All the corporate vehicles involved in the restructuring were incorporated in Cayman, and no less than four of our offices were involved to facilitate a global and seamless service. The Appleby team was led by London corporate partner Gray Smith and assisted by Matthew Bloomfield, with further legal and fiduciary support from the Hong Kong, Cayman and Jersey offices.

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