Sayenko Kharenko has acted as lead counsel on the admission of the entire issued shares of natural resource company Bluebird Merchant Ventures Ltd ("Bluebird") to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange.
Bluebird is a Philippine-focused resource company involved in trading of copper concentrates which operated the Batangas Gold Project in the Philippines together with ASX-listed joint venture partner Red Mountain Mining Ltd.
Admission to trading on the Main Market and commencement of dealings in Bluebird's shares took place on April 13, 2016. The implied market capitalization of Bluebird on admission was deemed to be approximately GBP 10.6 million.
Bluebird IPO is the first mining IPO on the Main Market since June 2015. Commenting on the transaction, Sayenko Kharenko Partner Andrei Liakhov said: "We are very proud to be involved with the first mining IPO on the Main Market of the London Stock Exchange for some time. This is a demonstration of the strength and dedication of our mining team, which helped Bluebird to achieve success in unstable markets. I hope that this is the first sign of renewed investor interest in the mining industry.”
When asked why Philippino-based Bluebird had asked a Ukrainian law firm to assist with a listing on the London Stock Exchange, a Sayenko Kharenko spokes-person replied, “this deal has no connection whatsoever to the CIS and the client made its choice of lead counsel based on combination of experience, expertise, and fees.”
Thrings LLP provided English law advice to Optiva Securities Limited, a financial adviser and broker of Bluebird. Walkers assisted Bluebird with BVI law issues.
The core team was led by Liakhov and included Counsel Alina Plyushch and Associates Vasyl Liutyi and Kateryna Zhebanova.
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