News

Osborne Clarke advises on £32 million sale of GTL Resources PLC to Sinav Limited

19 Jan 2012

Osborne Clarke has advised AIM listed bio-refining company GTL Resources PLC ("GTL Resources") on its recommended sale to Sinav Limited ("Sinav"), a special purpose vehicle established by Harwood Capital LLP and Siem Kapital AS. The sale was effected by way of a Court-sanctioned scheme of arrangement.

GTL Resources is a leading bio-refining company which, through its subsidiary Illinois River Energy, produces over 100 million gallons of ethanol per year from its production facility in Rochelle, Illinois, USA.

James Massy-Collier, Corporate Partner, Osborne Clarke, said:

"We were delighted to be able to assist GTL Resources on this transaction. Despite the uncertain economic outlook, this deal is further evidence that buyers remain on the lookout for attractive targets in well-regarded sectors, such as alternative fuels. The deal also demonstrates the continuing popularity of using schemes of arrangement to effect takeovers – purchasers and targets alike appreciate the additional certainty of execution a scheme can provide.”

David Ferris, Head of Osborne Clarke’s Energy sector group, said:

“This transaction represents another leading international deal on which OC have acted in the alternative fuels space, building on the firm’s long track record of advising businesses in the biomass and biofuel industries and the continued focus on secure and sustainable energy sources.”

The Osborne Clarke team advising GTL Resources was led by Corporate Partner James Massy-Collier with Senior Associate Tom Harvey and Solicitor Vicky Hill. Share schemes advice came from Senior Associate Sue El Hachmi. Sinav was advised by John Turnbull of Bircham Dyson Bell LLP.