12/11/2008
Ogier has advised Centrica plc, the London Stock Exchange energy generation and supply company, on it’s proposed £2.2bn cash box rights issue. The rights issue is to be underwritten by Goldman Sachs International, Credit Suisse Securities (Europe) Limited, UBS Limited, Barclays Bank PLC, BNP Paribas and HSBC Bank plc. The company has announced it intends to use the proceeds of the rights issue to fund a potential acquisition of 25 per cent interest in a SPV which itself is to acquire British Energy Group plc, the leading supplier of nuclear energy in the United Kingdom. The acquisition of the SPV’s shares is subject to further agreement with Electricité de France and, to regulator and shareholder approval.
In conjunction with Linklaters LLP, Ogier advised Centrica plc throughout the transaction on all aspects of Jersey law and on the cash box structure.
The Ogier team was led by partner and head of Corporate and Commercial Marc Yates and assisted by Martin Welsh. Commenting on the transaction, Marc said “We are delighted to assist Centrica plc on this important development in its strategy and trust the arrangements Ogier helped put in place will lead to continued growth for the company.”.
