London (9th June 2011) – A global team from Squire Sanders has advised 3Legs Resources plc, a company focused on the exploration and development of unconventional oil and gas resources, in relation to its Initial Public Offering (IPO) on the AIM market.
Based on the offer price which was announced to the markets on the 9th June the total market capitalisation was approximately £161.1 million.
3Legs Resources plc was established in 2007 and focuses on the exploration and development of unconventional oil and gas resources, with a particular focus on shale gas in Europe. In 2009 the group entered into agreements with ConocoPhillips with a view to financing its initial exploration activities in the Baltic Concessions. The company’s fundraising of £62.5million will be used to pay for drilling commitments primarily in the Baltic Basin in Poland.
The Squire Sanders UK team, which was led by London-based corporate finance partner, Giles Distin, worked closely with colleagues in the USA as the offering was also extended to certain US institutional investors.
Commenting on the transaction Giles Distin said: “This listing is a key step in 3Legs’ growth and development.
“Advising the company on its AIM IPO enabled us to bring together our capital markets capabilities in the UK, USA, Germany and France, and is a good example of the international transactions that the newly combined firm is now undertaking.
The company’s management team and nominated advisor and broker, Jefferies International Limited have all done a fantastic job in completing an IPO in what is currently a tough market”.