Channel Islands exchange lists itself

The Channel Islands Securities Exchange on Thursday admitted a new company to its Official List: Itself.

The Channel Islands Securities Exchange (CISE), the parent company of the group which owns and operates the exchange, said that by listing, it was “set[ting] an example for other companies to follow”.

The exchange is operated by its wholly owned subsidiary, the Channel Islands Securities Exchange Authority Limited (CISEA).

As part of its listing, the company said it hadn’t raised any additional capital but has been admitted by way of introduction of its existing 2,461,000 ordinary shares.

Jon Moulton, CISE chairman (pictured), explained that by listing its shares, the company was “demonstrating to shareholders and any future investor that it is willing to follow the Listing Rules of CISEA, and adhere to its own required standards of transparency and governance”.

“At present there is a limited market for the shares, but it is envisaged that the listing may also provide enhanced liquidity, enabling shareholders to join in our success and with the ability to crystallise the value of their investment at a point in the future,” Guernsey-based Moulton, who is also founder of the London-based Better Capital private equity firm, added.

Following admission, the company’s shares may be traded through the Trading Members of the Exchange; in particular, Ravenscroft Limited and Canaccord Genuity Wealth (International) Ltd have indicated that they will facilitate such trades, CISE said in a statement.

The shares have also been enabled for the paperless settlement system, CREST. This means that settlement of transactions in the shares may take place within CREST if any shareholder so wishes, CISE said.

CISE chief executive Fiona Le Poidevin, said the listing was a “significant milestone in our development, and one which raises and broadens the group’s profile globally”.

Bedell Cristin Guernsey acted as legal advisers to the listing, and Bedell Channel Islands Ltd is acting as listing sponsor, CISE said.

CISI is based in Guernsey but also operates an office in Jersey, 27 miles to its south and east. Currently there are more than 2,000 securities listed on the exchange, with a combined market capitalisation in excess of £300bn.

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

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