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JULY 2013
Transactions
123 LEKoIL LIMItEd SHARE PLACInG
Lekoil Limited (the ‘Company’, or together with its subsidiaries, the ‘Group’) is a holding company that intends to use its access to potential oil and gas license interests and its experienced management team to build a multi-asset exploration, development and production business in Africa. Its founders consist of a group of leading professionals with extensive experience in the upstream international oil and gas sector and in the global fund management/investment banking industries.
The Company’s principal subsidiary, Lekoil (Nigeria) Limited, a company incorporated in Nigeria, (Lekoil Nigeria) has entered into a farm out agreement through a subsidiary, Mayfair Assets and Trusts Limited (‘Mayfair’), with a subsidiary of Afren PLC by which Mayfair will ultimately acquire, upon completion, an overall 30 percent economic interest (including a 17.14 percent participating interest) in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin.
Banwo & Ighodalo (“B&I”) acted as Nigerian Counsel to the Lekoil Group, advising on all Nigerian law aspects of the deal. B&I was responsible for, amongst other things, conducting legal due diligence reviews on the Nigerian companies in the Lekoil Group and their assets; advising on Nigerian law portions of the Admission Document and preparing/reviewing other transaction documents, including shareholders’ agreement, intra-group loan facility agreement and supporting security documentation.
B&I’s team was led by Asue Ighodalo (Partner) and Ken Etim (Partner), assisted by Kehinde Ojuawo (Senior Counsel) and associates in the energy, securities and finance practice groups of the firm. LM
MAGMAtIC SECURES
InVEStMEnt FRoM BUSInESS GRoWtH FUnd
Business Growth Fund (BGF), established to help the UK’s growing small and medium sized businesses, has invested £3.92 million of growth capital in Magmatic Ltd, which trades under the “trunki” brand name. BGF will take a minority stake in the company and a seat on the board.
HSBC’s Bristol and Bath Commercial team has separately provided a comprehensive finance package to support the firm’s growth and which marks the start of a new banking relationship with HSBC.
Trunki designs, distributes and manufactures branded, multifunctional travel products for children. The company started trading in 2006 by Rob Law when it launched its original ride-on suitcase product. Turned down by Dragons’ Den, the company is on track to sell two million units of its suitcase worldwide and its travel products are stocked in over 2,500 stores across the UK, as well as 97 countries overseas. The company expects to achieve revenues of £10 million this year.
BGF’s £3.92m investment will fund the development of new products, accelerate international sales and support development of the Trunki brand through above the line marketing.
Trunki plans to expand the number of ways its products can be used by children to cover their core needs while travelling. It also intends to triple the size of its addressable market by developing products for a wider age range, including children of under three and 6-12 years.
Rob Law, Founder and CEO of Trunki, commented: “We’re delighted to have BGF as a partner to help rapidly grow our business and enable us to build Trunki into a truly global travel brand for children’s travel gear.” LM
Lekoil Limited
Magmatic