August 19th, 2009
Hey, baby, have I got a deal for you
Cayman Islands tax protection. An office in Houston, Texas. Run by a veteran of the Enron successes. Sound like a Hollywood plot? Nope, just a verrrrry rich IPO for the old energy crowd. Nearlya billion dollars expected to be captured. It’s the IPO of AEI, Ashmore Investment Management. Because it’s legally an overseas firm, it goes through less U.S. government vetting than if it admitted to being an American firm. Not much of a bureaucracy in tax haven Caymans, you see.
The underwriters of AEI: Goldman Sachs and Credit Suisse. One major owner: Singapore’s sovereign investment firm. AEI is big in natural gas pipelines. And in electric power. AEI operates across 19 nations in Latin America, Central and Eastern Europe and Asia.
The timing is right, crude oil is back above $70 per barrel.
It is important to consider this IPO in relation to the size of most greentech firms that can be measured in millions, single digit millions in many cases.
A newsman since 1969, Harry Fuller has worked for CBS, ABC, CNBC Europe, CNET and was founding news director at TechTV. See his full profile and disclosure of his industry affiliations.
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