Mourant Ozannes Advises On GBP700m IPO

by Amanda Banks, Tax-News.com, London

21 July 2010

International offshore law firm, Mourant Ozannes has announced the successful flotation of Vallar plc on the Main Market of the London Stock Exchange, as advised upon by the firm. Jersey-based Vallar, a special purpose acquisition company backed by prominent financier Nat Rothschild, raised more than GBP700m in an initial public offering (IPO), making it the second largest flotation on the London Stock Exchange so far this year.

Mourant Ozannes said full trading commenced on July 14. The company has said that it intends to reinvest the funds acquired as a result of the IPO to acquire a single major business or significant operational asset in the global metals, mining and resources sector.

Jacqueline Richomme, the partner at Mourant Ozannes who led the legal team, commented: “We are delighted to have advised on what has become one of the most significant IPOs to come to market in London so far this year. The market conditions are very difficult at the moment, so for Vallar to receive such a positive response from investors in such conditions is very pleasing both for those involved, and the London IPO market as a whole. The deal involved input from both our Jersey and Guernsey offices.”

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