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Travers Smith

Travers takes lead on £360m palm oil IPO

Author: Charlotte Edmond

Published: 13/12/2007 12:03

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Travers Smith has snared New Britain Palm Oil (NBPO) as a client after advising on the company’s £362.5m admission to the London Stock Exchange.

Travers corporate finance partner Alasdair Steele led the team advising NBPO, which is based in Papua New Guinea, on the initial public offering (IPO) - its first role for the client. Also advising for the top 40 UK law firm were tax partner Simon Yates and corporate finance assistant James Middleton.

The role comes after Travers earlier this month acted for JP Morgan Cazenove as sponsor and sole bookrunner of the £350m IPO of investment adviser Record, when corporate finance chief Spencer Summerfield took the lead role opposite City rival Macfarlanes.

Rosenblatts Solicitors is advising Kaupthing Singer & Freidlander Capital Markets in its capacity as sponsor, underwriter and broker of NBPO's placing, with corporate finance partner Tom Ferns leading the team.

Papua New Guinea law firm O’Briens advised Kaupthing on local law, while NBPO by was advised locally by Blake Dawson.

NBPO is the first company that Kaupthing has floated on London’s main market since the establishment of its UK equity capital markets operations.

The palm oil producer controls more than 40,000 hectares of plantations, located primarily in the West New Britain province of Papua New Guinea. It also has estates in the Solomon Islands and has been listed on Papua New Guinea’s Port Moresby Stock Exchange since 1999.

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