Riverstone Energy Limited (REL) has been advised by offshore law
Olsen, Heritage International Fund Managers (Heritage)
on the Guernsey aspects of its cross-border initial public offering
(IPO) on the London Stock Exchange (LSE) Main Market which raised
$1.2 billion (£760.3 million).
Admission of the shares occurred on 29 October and represents
the biggest cross-border IPO on the LSE since November 2012. The
newly-formed, Guernsey-domiciled, closed-ended company, is the most
recent entry in a series of high-profile energy vehicles to launch
from Guernsey this year.
REL has been established by New York-based energy and power
focused private equity firm, Riverstone
Holdings LLC. The investment objective is to generate capital
growth by investing in the global energy sector with a particular
focus on opportunities in the global exploration and production and
midstream energy sub-sectors. REL will co-invest on certain
investments alongside Riverstone's $7.5bn Fund V which closed
The IPO by REL has been made by way of a successful placing, an
offer for subscription and a private placing to selected
cornerstone investors of ordinary shares.
Carey Olsen Guernsey Partner Tom Carey, Senior Associate Oliver
Quarmby and Associate Imogen Payne advised on the Guernsey law
aspects of the IPO. Heritage has been appointed as the
administrator of REL and the underlying structural entities. EY led
by Partner Mike Bane and supported by Transactions Manager Chris
Bold have been appointed as reporting accountants for the company.
Riverstone International Limited, an entity majority-owned and
controlled by affiliates of Riverstone, has been appointed as the
sole investment manager of REL.
Advocate Carey said: "We are very pleased to have assisted
Riverstone with their first Guernsey based investment vehicle which
is further evidence of the island's pre-eminent position as the
jurisdiction of choice for structures of this nature. This
continues Carey Olsen's track record of bringing Guernsey
domiciled energy companies to market this year."
Heritage Managing Director Mark Huntley, said: "REL's
IPO is impressive. We look forward to working with the board and
Riverstone to deliver a successful return for investors in this
"We are delighted to work with the high calibre team at
Riverstone and with their advisors. We are very pleased that
Riverstone chose Guernsey for their first investment vehicle in the
listed arena. This launch is the latest in a number of listed
energy funds for Heritage."
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