- 08May
Griffiths Energy seeks London IPO, set to be renamed Caracal Energy
Last time out, in December 2011, when the issuer was going to Griffiths Energy International Inc. the sole underwriter listed in the amended long form prospectus was Canaccord Genuity.This time round when the issuer is set to be Caracal Energy Inc., Canaccord Genuity is still there – though not as the lead underwriter. Instead the company that has “exclusive rights to explore and develop oil and gas reserves” in southern Chad has chosen RBC Capital Markets and Barclays Capital Canada to be the lead managers. Canaccord and FirstEnergy make up the rest of the syndicate.Between then and now Griffiths Energy halted its initial public offering plans after it emerged that it had bribed the wife of Chad’s ambassador to the U.S. In time it paid a $10.35-million penalty for a breach of the Corruption of Foreign Public Officials Act.At the same time as it seeks investors for its Canadian IPO, the renamed company will sell shares “to certain institutional and professional investors in the United Kingdom, in the member states of the European Economic Area, in the United States and other jurisdictions outside of Canada.”The so-called global offer will be handled by RBC Europe Limited and Barclays Bank PLC and will include Canaccord Genuity and FirstEnergy Capital. The two offers, Canadian and global will be priced at the same price. The intention is to list the shares on the Toronto Stock Exchange as well as the London Stock Exchange.
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Griffiths Energy seeks London IPO, set to be renamed Caracal Energy