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28 January 2014

Charles Russell successfully completes another AIM transaction

This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.

The Charles Russell Energy & Natural Resources and Capital Markets teams are pleased to have advised ASX and AIM listed, Leyshon Resources Limited ("Leyshon Resources"), on the demerger and admission to AIM on 23 January 2014 of Leyshon Energy Limited (“Leyshon Energy”).

Leyshon Energy was incorporated on 27 March 2013 following a strategic review of its assets by the board of Leyshon Resources for the purpose of effecting a demerger of its energy assets comprising its interest in the Zijinshan Gas Project in China– a joint venture with China National Petroleum Corporation – located on the eastern fringe of the Ordos Basin in central China, along with cash reserves of approximately US$35 million.
The demerger was effected via a pro-rata in-specie distribution of 100% of the shares in Leyshon Energy and was subject to shareholder approval which was obtained at a general meeting of Leyshon Resources on 13 January 2013.

LEL's new board, chaired by ex-BP director and Talisman CEO, John Manzoni, and Non-Executive Director Kim Howell (ex BG Group plc), is planning an ambitious China-based acquisition strategy, underpinned by the Zijinshan Gas Project.

Paul Atherley, MD of Leyshon Energy said: “We were very pleased with the strongly client focussed support provided by the team at Charles Russell throughout the multi jurisdictional transaction. Having now successfully listed Leyshon Energy we have turned our attention to pursuing the China related exploration, investment and acquisition opportunities that form the basis of our ambitious growth strategy.”

The team was led by Charles Russell partner Mark Howard, supported by Associates Jodie Dennis and David Hirschman and Trainee Solicitor Oliver Davidson.

Lead Partner at Charles Russell, Mark Howard, commented: "We are delighted to have acted on the demerger and admission to AIM of Leyshon Energy which required multi-jurisdictional coordination with management and advisers in Australia, Hong Kong, China and BVI. The new management team are now well placed to pursue their ambitions and we look forward to supporting them going forward. This transaction underlines our significant capital markets expertise and oil and gas sector knowledge. We are confident that this deal, along with our recent placing for Europa Oil & Gas (Holdings) plc, signifies the start of a successful year for the AIM market and for Charles Russell’s Capital Markets and ENR teams.”