Taylor Wessing advises Trading Emissions Plc on AIM fundraising

02-May-2006  |  Corporate
 

Taylor Wessing has advised Trading Emissions Plc (TEP), a fund which invests in companies providing products and services related to the reduction of greenhouse gas emissions, on its fundraising in respect of the admission to AIM today of 175 million C Shares at a price of 100p per C Share.

Taylor Wessing acted for TEP on its incorporation and admission to AIM in April 2005, when it raised £135 million, the largest amount that had been raised on AIM for over a year. The gross placing proceeds from today's admission to trading will be £175 million.

This fundraising will allow TEP to continue to invest in projects that are anticipated to generate carbon credits which can be traded and purchased by companies as a means of assisting with the net reduction of their carbon emissions.

This is a highly topical area and one in which Taylor Wessing has growing expertise.

Neil Eckert, Chairman of TEP, commented:

"I am delighted with the assistance provided by our professional advisors which helped ensure that the transaction was concluded smoothly and to a tight timescale."

The Taylor Wessing team advising TEP comprised corporate partner Simon Walker and associate David Ponsford.

Cenkos Securities Limited acted as nominated advisor to TEP.  The joint brokers were Cenkos Securities Limited and Numis Securities Limited, who were advised by Berwin Leighton Paisner.

Ends

Notes to editors 

  • In January 2006, Taylor Wessing's environmental finance team advised ICECAP, the carbon emissions group, on the first closing of its carbon portfolio having raised aggregate commitments of 15 million tonnes. 
  • In Spring 2005, Taylor Wessing advised Trading Emissions plc on its admission to the Alternative Investment Market (AIM) of the London Stock Exchange, creating the world's    largest investment fund in emissions assets.
  • Also in Spring 2005, Taylor Wessing advised on the establishment of the first carbon dioxide emissions trading exchange in Europe for Climate Exchange Plc, whose shares are traded on AIM.
  • In February 2004, Taylor Wessing advised ICECAP Limited on the development of an innovative product for hedging against carbon emissions liabilities under the new EU Emissions Trading Scheme (EU ETS) and other similar schemes deriving from the Kyoto Protocol.