Watson, Farley & Williams (“WFW”), advised Rame Energy plc (“Rame”) on its admission to trading on the AIM market of the London Stock Exchange plc. Trading under the AIM symbol RAME, the company raised £2.1 million by way of a placing of new shares and the issue of convertible loan notes.
Issuing 7,222,223 ordinary new shares at 18p, the floatation valued the company at around £1.7 million.
Rame is an international consultant, engineer and power project developer which operates in a number of sectors, including solar, diesel, and most notably, wind power. The firm’s headquarters are in the UK but its most significant market currently is Chile. Under the trading name Seawind Holding SpA, the Group is at the forefront of the country’s wind power sector, developing and implementing power solutions for many of Chile’s major mining and industrial corporations, including Barrick Gold, Anglo American, Antofagasta Minerals and Codelco.
Rame has entered into binding conditional agreements with Santander Investment Chile Limitada for the co-financing of 15 MW of wind farms across two project sites in Chile, and the injection of cash from the AIM listing will support the development of these sites. The company also has a further 28 prospective onshore wind energy project sites in Chile, with a potential aggregate installed capacity of 1.4 GW.
In Central and Southeast Asia, Rame has provided consultancy services for development of wind energy projects in countries including Pakistan, Myanmar, and Thailand.
WFW Head of Natural Resources and London Corporate, partner Jan Mellmann, led the WFW team that advised Rame, supported by WFW Singapore associate Neil Calder, and WFW London trainee solicitor Richard Pyke.
Jan Gawal, CFO of Rame Energy plc, commented: “Today’s AIM listing marks a significant milestone for Rame Energy, as we look to take the next steps in the development of the Group. The funds raised from the floatation will allow us to continue to develop our wind power portfolio, particularly in Latin America. WFW’s experience with AIM listings, acumen in renewable energy and knowledge of the Latin American market played a pivotal role in the success of the admission and listing.”
WFW London partner Jan Mellmann commented: “This AIM listing is the latest exciting development for Rame, which is already the major wind power market player in Chile, and has major aspirations to greatly expand its operations there and elsewhere.
“This deal played to WFW’s strengths, given our experience with AIM listings, expertise in the renewable energy market and Rame’s significant presence in Latin America, where we are seeing more and more work. We have long believed there was significant, previously untapped, potential in combining the renewable energy and mining industries, so it is very gratifying to see this potential be realized and be working with Rame as they implement this strategy.”
