Global legal practice Norton Rose Fulbright has advised IRC Limited on its fully underwritten open offer.
IRC is an iron ore mining company operating in the Russian Far East and is the Hong Kong-listed subsidiary of Petropavlovsk plc.
In the current difficult market for mining companies, the open offer raised approximately US$50 million for IRC to finance the completion of the final stage of construction at its K&S Project and for general working purposes. 1,295,976,080 new shares were issued by IRC under the open offer, on an offer ratio which entitled existing shareholders to subscribe for 4 new shares in IRC for every 15 existing shares held at HK$0.315 per new share.
The open offer was underwritten by a consortium of hedge funds comprising Pine River Lux Investments S.a.r.l., Sothic Capital European Opportunities Master Fund Limited and JABCAP Multi Strategy Master Fund Limited (the “Underwriters”).
The team was led by Hong Kong partner Jon Perry, assisted by Esther Yee, Rodger Spencer, Tatiana Gotvig, Vincent Lee and Elfleda Wong. IRC’s controlling shareholder Petropavlovsk plc was advised by partner Simon FT Cox and Of Counsel Julie Keefe in the London office.
For further information please contact:
Stuart Lennon, Senior Marketing and Communications Manager, Asia
Tel: +852 3405 2306
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