Norton Rose in Falklands’ first AIM float

Norton Rose has advised on what is believed to be the first Falkland Islands company’s admission to AIM.

Corporate finance partner Simon Cox led the team advising Falkland Islands Oil and Gas Limited (FOGL) on the innovative admission.

The firm was asked to tender and the transaction took place during August and September. FOGL’s shares were admitted to trading on 14 October and raised £12m.

Cox said because Falklands company law lags behind UK legislation, the team had to find a way to ensure the admission was compatible with both jurisdictions.

Norton Rose worked with the islands’ Attorney General and Companies House, with Ledingham Chalmers advising on Falklands law.

Cox said: “It was… a learning curve with relation to the law over there.” Addleshaw Goddard advised issuer KBC Peel Hunt.