Sentinel Energy STNLU
Goldman, Citi, Credit Suisse
Unit = 1 C + 1/3 wt.
Warrant + 11.50 > 1 com. Call > 18 20 of 30. Company can call cashless.
Trust IPO = $10. -- $345 million.
Exp. 11/8/19 - 24 months.
Our management team is led by Andrew Gould, our Chairman, who has more than 40 years experience in global energy and related business, and Krishna Shivram, our Chief Executive Officer, who has 29 years experience in the oil and gas business.
We intend to identify and acquire a business that could benefit from a hands-on owner with extensive operational experience in the oil and gas services industry
Our sponsor is owned by our management team and the CSL Funds, which are managed by CSL. CSL is an SEC-registered private equity firm founded in early 2008 and headquartered in Houston, Texas, that invests in energy services companies and entrepreneurs with a focus on oilfield services opportunities. Since its inception, CSL has raised approximately $1.4 billion in equity capital and commitments across various investment vehicles, including startups, growth equity, recapitalizations and restructurings in energy services, consumables and equipment. The CSL team has deep sector expertise in the energy industry and takes a hands-on approach to investments, relying on organic growth and strategic thinking to generate investment success. CSL has a track record of identifying high-quality assets, businesses and management teams with significant resources, capital and optimization potential. We believe that we will benefit from CSL’s investment experience in the oilfield services sector and its expertise in effecting transactions.
Our sponsor, Sentinel Management Holdings, LLC has committed to purchase an aggregate of 5,333,333 warrants (or 5,933,333 warrants if the over-allotment option is exercised in full) at a price of $1.50 per warrant (approximately $8,000,000 in the aggregate, or approximately $8,900,000 if the over-allotment option is exercised in full) in a private placement that will close simultaneously with the closing of this offering. We refer to these warrants throughout this prospectus as the private placement warrants. Each whole private placement warrant is exercisable to purchase one whole Class A ordinary share at $11.50 per share. Our initial shareholders own an aggregate of 8,625,000 Class B ordinary shares (up to 1,125,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised). We refer to these Class B ordinary shares as the founder shares
40 years of experience in the energy sector of our Chairman, Andrew Gould. Mr. Gould began his career at Schlumberger in 1975 and was named Chief Executive Officer in 2003, a role in which he served until 2011. During his tenure as Chief Executive Officer of Schlumberger, we believe Andrew Gould demonstrated an ability to consistently create value for Schlumberger shareholders through a successful strategy to optimize Schlumberger’s portfolio and successfully identified and completed over $17 billion of strategic mergers, acquisitions and divestitures in over 30 transactions. Additionally, Institutional Investor Magazine ranked Mr. Gould multiple times as the top Oil Services and Equipment CEO during his tenure at Schlumberger. In 2011, Mr. Gould was elected Chairman of BG Group, an international exploration and production company, and was instrumental during the Shell acquisition of BG Group in a transaction that we believe delivered significant shareholder value for BG Group shareholders. Mr. Gould currently serves as an independent director of Saudi Aramco and as a director of BJ Services, the largest pure-play North American focused pressure pumping company. He previously served as a non-executive director of Rio Tinto, a resources and mining corporation, from 2002 until 2012.
We will also seek to capitalize on the 29 years of experience in the oil and gas business of our Chief Executive Officer, Krishna Shivram. Mr. Shivram was most recently interim Chief Executive Officer and Chief Financial Officer of Weatherford International plc, a provider of oil and gas services. He was previously appointed Executive Vice President and Chief Financial Officer of Weatherford International plc in November 2013. He has over 25 years of financial and operational management experience in the oilfield service industry and previously worked for Schlumberger Ltd. in a variety of roles across the globe. Immediately prior to joining Weatherford, Mr. Shivram served as Vice President and Treasurer of Schlumberger Ltd. since January 2011. Mr. Shivram is a Chartered Accountant and has experience in financial accounting, income taxes and treasury operations, along with a strong background in operations, corporate finance and mergers and acquisitions.