Spin-off of Russian Non-precious Metal Business Uses Appleby’s Global Offshore Services
April 6th 2011
Overview
Appleby, the world’s largest offshore law firm, recently advised on the listing of IRC Limited (“IRC”), a Hong Kong company, on the Main Board of The Stock Exchange of Hong Kong, in association with Norton Rose, local counsel for the issuer and Linklaters, local counsel for the underwriters.
News detail
IRC was previously a wholly-owned subsidiary of London Stock Exchange listed Petropavlovsk plc, Russia’s third biggest gold producer, and is the holding company of the non-precious metals division of the group following the spin-off of the division via various Cayman entities. The global offering of IRC’s shares on The Stock Exchange of Hong Kong was successfully listed last month and the offering raised net proceeds of approximately HK$1,722 million (approximately US$222 million) for the IRC group. Petropavlovsk will continue to be the largest shareholder in IRC with an interest of 65.61%.
