Posted Sunday 2nd December 2018
Joelson recently advised AIM listed independent energy company Wentworth Resources Plc on its successful redomicile from Alberta, Canada to Jersey in the Channel Islands. Under the redomicile, East Africa-focused oil and gas company Wentworth has become a public company under the Companies (Jersey) Law 1991. As such, the company now trades under the name Wentworth Resources Plc, rather than its former title of Wentworth Resources Ltd.
The move comes after Wentworth announced late last year that it was undertaking a major restructure to streamline its Executive Management board, which was previously split between Canada and the UK.
With a 32% interest in the Mnazi Bay field – one of the main sources of gas in Tanzania – the need for Wentworth to simplify its operations to accommodate long-term growth has been met through its redomicile to the UK. The transaction has moved Wentworth from a multi-jurisdictional group structure and dual-listing to a simpler transactional platform to support organic and inorganic growth activities. The move has also improved access to the company’s institutional investors. As part of the process, Wentworth also secured consent from the Oslo Bors to delist from the Oslo Stock Exchange so to have a single listing on London’s AIM market.
Joelson’s Corporate team – led by partner Phil Hails-Smith – was instrumental in co-ordinating the transaction from a European perspective.
Phil Hails-Smith, Corporate Partner at Joelson said:
“Joelson’s Corporate and Commercial team regularly works with clients to achieve the best possible outcomes on highly technical and complex cross-border transactions. This project with Wentworth demonstrates how such complicated multi-jurisdictional arrangements can be accomplished, with the assistance of the right legal counsel. We look forward to continuing to support Wentworth in achieving its goals as a result of this restructuring and enabling it to become a mid-cap player focused on the African energy market.”
Katherine Roe, CFO at Wentworth Resources Plc says:
“Our long standing relationship with Joelson allowed for a successful and effective transaction, completed on time and on budget. We cannot thank the Joelson team enough for their continued hard work and perseverance in a complex redomicile transaction, continually demonstrating professionalism and integrity.”
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.