Norton Rose advises Acron on its London Stock Exchange listing

14 August 2008

Norton Rose Group has advised JSC Acron (Acron), a leading Russian and global mineral fertiliser producer with a market capitalisation of over US $4 billion, on the listing of its GDRs on the London Stock Exchange's main market. Unconditional dealings in Acron’s GDRs commenced at 8am on 12 August under the ticker AKRN. Based on 2007 production output, Acron Group ranked first in Russia and second worldwide in the production of NPK fertilisers and accounted for approximately six per cent of the total NPK production output in China. Based on 2007 revenue, Acron Group was the third-largest nitrogen-focused fertiliser producer in Russia and the fourth-largest in Europe. Acron Group has two fertiliser plants in Russia and one in China.

Acron has been advised on this transaction by Norton Rose Group’s London, Moscow and Beijing lawyers. The Norton Rose Group team was led by Moscow based corporate finance partner Andrei Yakovlev assisted in London by corporate associates Ezra Machnikowski and Linda Whittle and tax associate Julia Lloyd, and in Moscow by corporate associates Janna Smirnova, Anastasia Kastelskaya and Vladimir Loktionov. US corporate partner Tom Vita assisted by Omiyinka Doris and Ksusha Maiorova advised on the Rule 144A and Regulation S elements of the offering. In Beijing, corporate partner Virginie Deslandres assisted by corporate associates Steven Towell, Gregory Louvel and Helen Xiao, advised on China-related aspects of the transaction.

Andrei Yakovlev commented:

“We are honoured to have assisted this major Russian player on its successful London listing in these difficult market conditions. This offering highlights the multi-jurisdictional expertise we offer clients in Russia, London and China. We are committed to growing our Russian IPO and capital markets practice and have the experience and understanding of the market to undertake such offerings.”

Unicredit and Morgan Stanley were the joint global coordinators and joint book runners and Alfa Capital Markets the co-lead manager. Dewey & LeBoeuf acted for the Managers.

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Sean Twomey