AECP-ERP falls short of target 20 November 2015 01:00 GMT
An oil and gas investment company that had retained US oilman Aubrey McClendon to line up deals has collapsed after raising a small fraction of the $2 billion it sought through a stock offering.
American Energy Capital Partners – Energy Recovery Partners (AECP-ERP) voted earlier this month to dissolve itself and return all money it has raised to its shareholders.
AECP-ERP was wholly owned by real estate investor AR Capital, but it had contracted with McClendon to help buy and operate assets.
In late 2013, AECP-ERP filed papers with the US Securities & Exchange Commission (SEC) to sell as many as 100 million units at up to $20 per unit, for gross proceeds of up to $2 billion.
The group sold a little more than 562,000 units for gross proceeds of $10.9 million, according to SEC filings.
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