THE Channel Islands Stock Exchange has listed the largest initial public offering in Europe so far this year.
Max Property Group Plc was admitted to the exchange’s daily official list last week on a primary basis.
The Jersey-incorporated closed-ended property investment company is also the first IPO to have listed in the British market since December.
CISX chief executive Tamara Menteshvili (pictured) was delighted the CISX had been chosen. ‘During these difficult trading conditions, it is encouraging for the markets generally to see such a significant listing in the UK property market and the CISX is able to facilitate their strategic aims through the admission to the daily official list.’
The exchange has more than 3,000 listings of securities issued by funds, eurobonds, structured debt, warrants and specialist debt securities and this latest, high-profile listing helps to consolidate its global position as one of the leading exchanges for property investment vehicles.
Max Property Group is managed externally by Prestbury Investments, led by Nick Leslau and Mike Brown. The company has raised £220m. – before the expense of the issue – and it has the backing of investor Och-Ziff, which has committed to invest £35m. at offer price.
The management team, its partners and affiliates have also committed to invest £25m.
The Alternative Investment Market had its secondary listing, ahead of the full listing being completed on the CISX.
Aubrey Adams, proposed chairman of Max Property Group Plc, said the level of interest in the company from institutional investors had been encouraging. ‘The board believes that difficult conditions in the UK property market present a compelling investment opportunity for those with in-depth sector experience.
‘The proceeds from the offering should give us sufficient funds to take advantage of this opportunity for the benefit of shareholders.’
Article posted on 2nd June, 2009 - 2.30pm
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