Synenco Energy Closes IPO

On November 15, 2005, Synenco Energy Inc. successfully closed its initial public offering and its common class A voting shares (Common Shares) commenced trading on the Toronto Stock Exchange. This was the largest IPO on the Toronto Stock Exchange in 2005. The common shares were also sold on a private placement basis to certain qualified US investors.

Pursuant to the IPO, Synenco issued 15,750,000 Common Shares at $17.50 per share for gross proceeds of $275,625,000. In connection with the IPO, the underwriters were granted a 30-day over-allotment option to purchase an additional 2,360,000 Common Shares. The option was fully exercised, providing Synenco with additional gross proceeds of $41,300,000 for total gross proceeds of $316,925,000.

Synenco was represented in-house by Denise Hendrickson, general counsel and corporate secretary, and by Bennett Jones LLP with a team led by Robert Lehodey, Q.C., and Mark Powell that included Jeff Kerbel, Lisa Ricketts and Kahlan Mills (corporate) and Greg Johnson (tax).

Synenco was also represented by Edwin Maynard and Aun Singapore of Paul, Weiss, Rifkind, Wharton & Garrison LLP in the US; Jon Rand, David Vaughan and Lisa Price of Dechert LLP in the US; Simon Fielder of Osborne Clarke in the UK; Dominique Mussy of Stehlin et Associés in France; Greg Golding and Linda Lee of Mallesons Stephen Jaques in Australia; and Cédric Chapuis of Bär & Karrer in Switzerland.

TD Securities Inc. acted as lead manager and bookrunner and CIBC World Markets acted as co-lead manager for the IPO with the remaining underwriting syndicate comprised of Merrill Lynch Canada Inc., Scotia Capital Inc., National Bank Financial Inc., Raymond James Ltd., J.F. Mackie & Company Ltd. and Octagon Capital Corp.

The underwriters were represented by Macleod Dixon LLP with a team led by Kent Kufeldt that included Rashi Sengar and Karen Uehara (corporate) and Craig Maurice (tax). Also representing the underwriters were Jason Lehner, David Wilson and Brent Westrop of Shearman & Sterling LLP in the US.