MacRoberts underpins key SE listing

MacRoberts plays major role in £1 billion British Energy relisting

News, 24 January 2005

A Scottish law firm has been involved in one of the highest profile corporate transactions in recent times.

British Energy’s re-listing on the London Stock Exchange last Monday, after a two year, £1 billion-plus restructuring, was hailed last week as a feather in the cap for the Scottish legal system and its ability to deliver on major UK corporate transactions.

MacRoberts worked along with Clifford Chance in the process which included the creation of two new PLCs, two highly complex schemes of arrangement, one for creditors and the other for shareholders and a reduction of share capital - all under Scottish company law.

This culminated on the Friday morning before the relisting when the schemes of arrangement obtained approval in the Court of Session in Edinburgh.

“British Energy and the two new PLCs are all Scottish companies”, said Ian Dickson, head of corporate at MacRoberts.

“Our role included advice on the schemes and the reduction themselves, substantial due diligence, steering the schemes of arrangement through the court and the establishment of the two new listed PLCs.”