Kerman & Co advise Columbus Energy Resources on institutional placing
November 10, 2017
Kerman & Co advise longstanding client Columbus Energy Resources plc in connection with its placing and open offer to raise £4.1 million
The Corporate & Capital Markets team of Kerman & Co recently advised longstanding client Columbus Energy Resources plc (“Columbus”), an AIM-quoted oil and gas explorer and producer (AIM: CERP), in connection with its placing and open offer to raise £4.1 million. The proceeds will be used to accelerate the company’s exciting growth strategy. The fundraising was notable due to Schroder Investment Management subscribing for £3 million by way of a placing and the open offer being heavily oversubscribed with valid applications from qualifying shareholders being 3.2 times the number made available under the offer.
Simon Holden (Partner) and Jack Kemmish (Solicitor), members of the Corporate & Capital Markets team, advised Columbus.
Simon Holden commented: “Whilst our firm has advised the legal entity that is Columbus for over a decade, it is only over the past several months that we have had the opportunity to work with the new senior management team. They have transformed the company in a very short space of time, including its recent rebranding exercise, building significant value for shareholders in the process. We are grateful to them for having entrusted us to continue our firm’s working relationship, which was reflected by how quickly we responded to delivering what was required on a very accelerated timetable.”
Commenting on the transaction, Gordon Stein, Chief Financial Officer of Columbus, said: “Kerman & Co delivered when we needed them to. Given that we were dealing with an institution of the magnitude of Schroders, we needed to move quickly albeit professionally. From taking a call late on a Wednesday evening to facilitating the closing of the transaction two days later, Kerman’s capital markets capabilities clearly shone through.”