With the U.S. IPO market dormant, and executives complaining of the high costs and annoyance of Sarbanes-Oxley regulations, North American companies looking to raise capital on the public markets have been crossing the waters to London.
That was the case with Resaca Exploitation Inc. of Houston. The oil-and-gas exploration company considered an initial public offering in the U.S., as well as private equity buyout offers. Instead, Resaca opted to raise capital on the London Stock Exchange’s AIM market, said the company’s counsel, King & Spalding partner Jonathan Martin of London.
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