In the past six months, Appleby has acted for:
- Azure Power Solar Energy Private Limited on the issuance of its USD350 million 5.65% Senior Notes due in 2024;
- China Oil and Gas Group Limited on its issuance and offering of USD320 million 5.5% Senior Notes due in 2023;
- Ferrous resources on its USD550 million sale to Vale S.A;
- Petropavlovsk plc and its subsidiary, Petropavlovsk 2010 Limited in respect of the issue of new USD125 million Guaranteed Convertible Bonds due 2024 and;
- Xinyi Energy Holdings Limited in relation to its global offering of 1,882,609,471 shares and its listing on the Main Board of the Hong Kong Stock Exchange by way of spin-off.
More recently, Fitch issued a special report on Indian Renewables Liquidity, in which Appleby has acted for all of the companies listed. The report which tested rated restricted groups of Indian renewable energy producers, featured Greenko Dutch, Renew RG II, Azure Power Energy, Greenko Solar Mauritius, Greenko Energy Holdings, Greenko Investment Company and Neerg Energy, all of which Appleby Mauritius acted as counsel for in relation to either their listing on the Singapore Stock Exchange or their private placement.
Appleby has received notable recognition over the past few years, winning awards at the Asian Legal Business South East Asia Awards, Asia Legal Awards, M&A Advisor Awards and The Turnaround Atlas Awards for the work they undertake in this sector. In addition, Appleby has been named as one of the 30 leading law firms in the world for global restructuring having acted on some of the largest offshore oil and gas restructuring matters including Ocean Rig, CHC, Pacific Drilling and SeaDrill.
Speaking on Appleby’s continued strength in this dynamic and evolving sector, Malcolm Moller, Office Managing Partner in Mauritius, Seychelles and Shanghai commented: “We’ve had a great year so far for energy and natural resources deals, working for a number of high-profile and longstanding clients. The variety and scale of work undertaken at Appleby is a testament to the expertise and knowledge of our global team, who seamlessly work together to provide the best possible solutions for our clients”.
Appleby continues to advise some of the world’s largest energy companies, governments, regulators and investors, on all aspects of the industry and related infrastructure projects, from oil and gas, mining and natural resources exploration, through the generation and production chain to final delivery and distribution.
Using an offshore vehicle for your listing
Offshore vehicles are a popular choice as the listing company on the New York Stock Exchange (NYSE), Nasdaq, London Stock Exchange (LSE) and Hong Kong Stock Exchange (HKSE) and also appear on numerous other exchanges around the world such as the TSX and ASX. This is because offshore has a renowned ability to provide swift, efficient and cost-effective support to international M&A deals, listings, incorporations and restructurings.
Guernsey, Isle of Man and Jersey-based companies feature mostly on the London Stock Exchange, while Bermuda, BVI and Cayman Islands companies frequently show up on the NYSE and Nasdaq. What is less well known is that the Hong Kong main market and its related Growth Enterprise Market (GEM) are dominated by offshore companies with Asian companies often finding the relative simplicity of Bermuda and the Cayman Islands company law attractive along with offshore legal support available locally.
Over 1,800 Cayman Islands and Bermuda companies are currently listed in Hong Kong, of which Appleby has brought 375 to market. This is in comparison to just over 500 companies listed in Hong Kong by any other country.