Orrick is representing RockRose Energy in connection with a recommended cash offer to acquire the entire issued and to be issued share capital of RockRose by Viaro Energy. RockRose, whose shares are listed on the Official List and admitted to trading on the London Stock Exchange's Main Market for listed securities, is an independent North Sea oil and gas production and infrastructure company focusing on onshore and offshore production opportunities and infrastructure projects.
Under the terms of the acquisition, each RockRose shareholder will be entitled to receive 1,850 pence in cash for each RockRose share. The offer, which was announced on July 6, 2020, values RockRose’s issued and to be issued share capital at approximately £248 million and is expected to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The acquisition is expected to complete in the third quarter of 2020.
Viaro Energy is a UK incorporated company, headquartered in London and is a wholly owned subsidiary of Viaro Investment Limited, a physical energy trading group with global commodities trading activities and interests in energy sector support services and upstream asset development. The Viaro Group has offices in Dubai and Hong Kong.
The London-based Orrick team includes Ed Lukins, James Connor, Ian Shaw, Charlie Sheldon, Stephen McNeill and Kirstie Parr.