Focus – July 2014

Welcome to the July 2014 edition of Focus

Article – The growth of Financial Institutions in Africa

In our main article this edition, we take a detailed look at the growth in the last decade of financial institutions in Africa.

Case Study – limiting liability in construction contracts

In our case study this edition, we consider the recent case of Comau UK Limited v Lotus Lightweight Structures Limited [2014] EWHC 2122 (Comm), in which the Commercial Court considered whether clauses for termination for convenience will limit claims for loss of profit even in the case of a repudiatory breach of contract.

Legalese – the complicated world of sanctions

In an update to a previous article relating to Libyan sanctions, we set out again a brief overview of the complicated world of sanctions, noting some of the more recent sanctions affecting Russia.

News ‘ LMA announces new suite of facility agreement forms (for South Africa, East Africa and Nigeria)

The African suite of LMA documents has been released by the LMA, using the same form and boilerplate as other LMA facility agreements.  Trinity has previously prepared training for its banking clients on the use of and differences in the African LMA form of documents and will separately be providing updates and training in relation to the suite of documents released this week.

New joiners

We welcome Rachel Burgin, Robert Currall and Adele Edet to the Trinity team. Before joining Trinity, new associate Robert practised at Norton Rose Fulbright, working in that firm’s London office. Adele joins us as after the summer as an associate having trained and worked at the Paris office of that firm. Rachel joins us as a transaction support manager; she was previously with Herbert Smith Freehills.  We welcome the new joiners to the Trinity team and are pleased to be growing the practice.

Closed deals

In the past few months, we have closed or signed documentation in relation to several important transactions.  We signed and closed documentation advising a major African power company on its restructuring and bond issuance. In June 2014, we closed the US$200m 100MW gas-fired power plant in Mozambique at the Ressano Garcia border.  We have in the past few months also signed documentation in relation to the leveraged buyout of an airline services company in Ghana.  We have also concluded advising the Ministry of Energy of a Middle Eastern state on an IPP and a Dutch trade bank on various trade finance and corporate transactions, commercial and equipment financiers on the financing of mining-related equipment in various West and Central African countries.  We have also closed several private equity deals in the healthcare and infrastructure sectors – in particular advising on the exit of a private equity fund in a West Africa infrastructure asset. In the coming months, we look forward to several pathfinder and key IPPs in key African markets – in relation to which Trinity has played a key advisory role – reaching financial close.

New instructions

We have been instructed on the several new matters in the past few months including sponsors on IPPs in Ghana and Sierra Leone, advising lenders on an agriculture financing in Bangladesh and sponsors on the restructuring of the financing of a Nigerian infrastructure asset.  In addition, our mining team in Perth is advising Kunene Resources Limited in relation to an earn in by First Quantum Minerals into Kunene’s Kaoko copper project in Namibia’ and is also advising the developers of a primary and alluvial tin exploration project in Bauchi State, Nigeria’. Apart from the above, we continue to work day-to-day on transactions in Sierra Leone, Ivory Coast, Kenya, Ghana, Mozambique, Ethiopia, Rwanda, Mauritius, South Africa, Zambia, Madagascar, Uganda, Tanzania and Nigeria as well as in the UK, Central America, Bangladesh and Romania.

Speaking Events

Partner Simon Norris completed several capacity building seminars focussing on project finance sponsored by the Swedish Development Agency SIDA to the Mozambican government.   Partner Kaushik Ray spoke about infrastructure opportunities at IFLR’s Africa Forum held at London’s Waldorf Astoria in June.  Kaushik also spoke on behalf of the EIB at the European Commission and to various ambassadors to the EU (including all ambassadors from Africa) in respect of opportunities for EU financing of infrastructure projects in Africa.  In addition Trinity will be at the Africa Down Under mining conference in Perth in September.

Getting in touch

As ever, if you have any comments or questions about Trinity, about Focus, or generally, please get in touch.