Nabarro continues to advise on major AIM-related M&A having advised on the proposed merger between Bayfield Energy Holdings, an upstream oil and gas exploration and production company with interests in Trinidad & Tobago and South Africa, with Trinity Exploration & Production.

Trinity is a leading private independent oil and gas company with onshore and offshore assets in Trinidad. The merger will create the largest independent oil and gas exploration and production company focused on Trinidad and is expected to create a business valued around £140m on AIM.

This is one of the biggest recent deals in this sector and part of a trend of healthy merger and acquisition activity, and consolidation amongst smaller exploration and production companies.

In connection with the merger, Bayfield announced a conditional placing raising US$90m. Bayfield is acquiring Trinity in a share-for-share exchange and, under the AIM rules, the acquisition is deemed a reverse takeover requiring shareholder approval. The admission document was published on 25 January and admission is expected on 14 February. Nabarro acted as advisers to:

    new client RBC Capital Markets, who acted as financial adviser to Trinity and joint bookrunner on the placing;
    Jeffries and FirstEnergy who acted as joint bookrunner and co-lead manager on the placing respectively; and
    Seymour Pierce who acted as nomad to Bayfield on the re-admission of the enlarged group.

The Nabarro Corporate team comprised partners Warren Taylor and Ian Binnie and associate Jack Shepherd. Ashurst LLP is advising Bayfield and Pinsent Masons LLP is advising Trinity.

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