18/03/2008
Ogier has acted as Guernsey legal adviser (in conjunction with Debevoise & Plimpton) on the establishment of this Guernsey closed-ended investment company, which is managed by Prosperity Capital Management Limited.
The company aims to make substantial minority investments in companies in the power sector in Russia and other CIS member states, with a view to realising investments mainly through trade sales to strategic investors. This was a multi-jurisdictional transaction which included the transfer of certain power-related assets from a number of Prosperity-managed Cayman and other funds. The Ogier Cayman and London offices were also involved.
Following the transfer of assets to New Russian Generation Limited in September 2007, the company had a net asset value of approximately US$1.6 billion. The company has since completed a private placement of shares and in March 2008 had a net asset value of approximately US$1.9 billion.
The Ogier team on this matter was led by Caroline Chan, Managing Associate, and assisted by Kerrie Le Tissier.
