23rd June 2016
The Channel Islands Securities Exchange Limited (CISE) has set an example for other companies to follow by listing on its own Exchange.
The CISE is the parent company of the Group which owns and operates the Exchange.
This morning it has been admitted to the Official List of the Exchange operated by its wholly owned subsidiary, The Channel Islands Securities Exchange Authority Limited (CISEA).
The company has not raised any additional capital but has been admitted by way of introduction of the existing 2,461,000 ordinary shares.
Jon Moulton, Chairman of the CISE, said: “By listing its shares, the company is 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.”
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) Limited have indicated that they will facilitate such trades.
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.
Anson Registrars Limited has been appointed as the company’s registrar.
Fiona Le Poidevin, Chief Executive of the CISE, said: “I am delighted that the company has listed. This is a significant milestone in our development and one which raises and broadens the Group’s profile globally.
“It also assists with further strengthening the corporate governance of the Group and we believe that this sets an example which other companies can follow.”
Bedell Cristin Guernsey acted as legal advisers to the introduction and Bedell Channel Islands Limited is acting as Listing Sponsor.