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Nabarro advises on £1 billion of emerging market London listings

1 April 2010

Nabarro's Corporate team has closed the first quarter of the calendar year by advising on the admissions of three emerging market-focussed companies, with a combined market capitalisation of over £1 billion, to the London markets in a week.

KSK Power Ventur

Nabarro acted for Arden Partners plc as financial adviser and broker on the move by KSK Power Ventur plc ("KSK") from AIM to a secondary listing on the Official List. KSK's current market capitalisation is approximately £800 million and admission occurred on 31 March 2010.

The KSK group supplies power to a combination of industrial and state-owned consumers in India, it’s shares having been admitted to trading on AIM in November 2006. Through its listed Indian subsidiary, it has interests in power project developments in India and develops and operates multiple power plants. In addition, KSK targets new business opportunities in ancillary power related ventures.

Bellzone Mining

Nabarro also acted for Canaccord Adams Limited as nominated adviser, joint bookrunner and joint broker and for new client Renaissance Capital Limited as joint bookrunner and joint broker on AIM-IPO of Bellzone Mining plc (Bellzone). Based on the placing price, Bellzone's market capitalisation is £184.5 million and admission occurred on 1 April 2010.

Bellzone is an iron ore exploration and development company, with 100% owned assets in Guinea, West Africa and raised US$50 million (before expenses) in a placing to a broad base of institutional and other investors following a roadshow across the United Kingdom, the United States and Canada.

PXP Vietnam Fund

Finally, Nabarro is acting for new client PXP Vietnam Fund Limited (PXPVF) on its move from a listing on the Irish Stock Exchange to a premium listing on the Official List. PXPVF's current market capitalisation is approximately $60 million and admission is expected to occur on 7th April 2010. The directors of PXPVF believe that the London listing will offer increased profile, transparency and liquidity for the company and its shareholders.

PXPVF is a Cayman Islands, closed-ended investment company whose primary investment objective is to seek long-term capital appreciation of its assets by investing in a portfolio of the equity securities of Vietnamese companies, whether established with domestic or foreign ownership, which are either listed or pre-listing Vietnamese companies. PXPVF's portfolio of assets is managed by PXP Vietnam Asset Management Limited.

The Nabarro teams comprised:

  • KSK Power Ventur: Corporate partner Alasdair Steele and Corporate associates Jack Shepherd and Alexandra Marsh
  • Bellzone: Corporate partner Martin Finnegan and Corporate associate Leon Miller
  • PXP Vietnam Fund: Corporate partner Alasdair Steele and Corporate associate Sophie Dixon

Nabarro Head of Corporate, Iain Newman commented:

"Bellzone is the third listing transaction on which our corporate team has advised in the space of a week, following the KSK Power Ventur and PXP Vietnam Fund moves to the Official List. Together these transactions represent an aggregate market capitalisation of over £1 billion and it is interesting that each is focussed on emerging and frontier market opportunities. These listings demonstrate the strength and continuing growth of our capital markets business."

If you would like any further information or have any queries please contact: 

Lucy Willatt 
Lucyw@lansons.com or 020 7566 9719