LONDON, 18 December 2007 -Lawyers from the London office of Morrison & Foerster MNP advised KP Renewables plc (AIM: KPR), an AIM listed company, on a reverse takeover of Island Gas Limited (IGL). The Acquisition is to be implemented by means of a scheme of arrangement under Section 425 of the Companies Act 1985.
KP Renewables is a renewable energy company whose principal activity is developing, building and acquiring portfolios of renewable energy projects.
KP Renewables resumed trading as of Thursday, November 29th after agreeing to a reverse takeover of Island Gas Ltd, with the new entity to be called Island Gas Resources plc ("IGas"). Under the terms of the takeover, subject to shareholder approval, Island Gas shareholders will receive shares worth an aggregate of £50 million.
IGL is a coal bed methane ("CBM") company seeking to produce and market methane gas for industrial and domestic use from virgin coal seams within its onshore UK acreage.
The Morrison & Foerster team was led by Corporate Partner, Ed Lukins, and included Matthew Edwards, Kristian Shearsby and Mark O’Donnell.
Ed Lukins commented, “We are delighted to advise KP Renewables on this transaction. Morrison & Foerster has a thriving Cleantech practice globally, representing a broad range of investors, as well as emerging and established companies, developing new technologies and pioneering new approaches to reduce fossil fuel dependence and sustainably use water and other natural resources. Cleantech is very much of a sweet spot for the firm, combining our knowledge of the underlying science, technologies, and regulations to offer counsel with the depth and expertise clients need to succeed in this challenging arena.”
For more information, please see Morrison & Foerster’s Cleantech practice page.