Bristol’s corporate finance community has again proved it can handle major transactions, according to the team behind oil prospector Wessex Exploration’s recent £12m share placing.
The oversubscribed placing will fund Bristol-based Wessex’s participation in a vast oil find off the coast of Guyane (French Guiana) in South America.
And for the Bristol-based corporate finance team at law firm Ashfords, it goes to show that the city is capable of successfully handling such transactions.
The team acted as advisers for the placing which was arranged through stockbrokers WH Ireland’s Bristol corporate finance office.
Team partner Simon Staples said: “Everyone involved in this transaction is delighted with the outcome. We believe this is one of the largest fund raisings for a South West-based plc throughout 2011 and once again demonstrates the extensive corporate finance skills base, across each of the disciplines, which are available to companies in the region.”
WH Ireland assistant director of corporate finance Marc Davies added: "It was a great team effort and a great result for Wessex Exploration which is now well funded to advance its exploration portfolio.
“The success of the placing demonstrates that AIM remains an effective source of capital for quality investment propositions."
