Leading offshore legal, fiduciary and administration services provider Appleby has acted for China New Energy Limited (“CNEL”) in connection with their recent flotation on AIM.
CNEL is a technology, process and engineering solutions provider, whose operations are based in China, for bio-ethanol and bio-butanol projects. The Group provides process technology, engineering designs, plant manufacturing and operational services in connection with the production of fuel ethanol, edible ethanol, bio-butanol, bio-acetic acid and other chemicals from agricultural plant materials and waste. The products are commonly used by downstream producers as primary fuels, as solvents for use in the chemicals industry or as ingredients for the beverages industry. Since its formation, the Group has advised on 88 projects with an aggregate production capacity of approximately 9.0 million tonnes per year and a total contract value of approximately RMB1.5 billion.
This listing an example of a growing trend to use Channel Island companies in connection with capital raising in Europe for Russian and Asian companies, in particular on the London Stock Exchange and AIM. A Jersey vehicle has been used as the Float Co.
Appleby Partner and Group Head of Corporate and Commercial in Jersey Mark Lewis led the Appleby team advising CNEL, along with Senior Associate Mark Estella and Associate Francis Katamba.
Mark commented, “We are very pleased to have been involved in this flotation. We have seen an upsurge of interest in AIM listings recently, with significant current interest in mining and resource companies. Appleby is advising a number of companies in relation to IPOs on AIM or the London Stock Exchange main board.”