Ashurst has advised Goldman Sachs, Oriel Securities and RBC Capital Markets in relation to a US$212 million rights issue by Salamander Energy plc.
The rights issue was fully underwritten by Goldman Sachs, Oriel and RBC Capital Markets and was made to qualifying shareholders on a 13 for 20 basis at a price of 130 pence, representing a discount of 49 per cent to the closing price of 256.1 pence per existing ordinary share on 26 April 2012 (the last dealing day prior to the announcement of the Rights Issue). Rothschild acted as financial adviser to Salamander Energy.
The Ashurst team advising on the transaction was led by corporate partner Nicholas Holmes and consisted of corporate counsel Caroline Chambers, senior associate Padmini Singla, associates Simon Bullock and Yoana Yoshovska and solicitor Claire Broom. US Partner Ray Fisher and senior associate Jeffrey Johnson advised on US law aspects of the transaction. Senior associate Jubilee Easo and solicitors Barbara Walshe and Rebecca Downes advised on energy-related matters.
Commenting on the deal, Nicholas Holmes said:
“This rights issue provides Salamander with additional capital to accelerate its drilling programme around its three core assets and to pursue further opportunities to explore and develop these assets in the short to medium term. It is a significant achievement to have secured an outcome that is beneficial to the company and its shareholders at a time of continued market volatility and we are delighted to have acted for the underwriters on this significant transaction.”
