Jon Ravenscroft, CEO of Cenkos, Tammy Menteshvili of the CISX, Peter Tom, chairman of Leicester Tigers, and, at the back, Paul Oliver, associate director of Cenkos. (0849939)

RUGBY champions Leicester Tigers have successfully listed £3m.-worth of subordinated unsecured convertible loan notes on the Channel Islands Stock Exchange.

Peter Tom, chairman of the club and a Guernsey resident, said he was delighted with the listing because it could be the potential stepping stone to a full listing for the club in the not too distant future.

Cenkos Channel Islands Ltd acted as sponsor in the deal for the special purpose vehicle of Leicester Tigers.

Chief executive Jon Ravenscroft said it was an exciting time for the club given the completion of the new grandstand at its ground, Welford Road.

‘The loan note issue will aid the completion of the conference suite facilities, the biggest in the East Midlands, and will enable the club to offer a variety of functions all year round.

‘Cenkos is pleased to be involved with the issue of the loan notes, which are convertible into the ordinary shares of the club at a specified price,’ he said.

Cenkos associate director Paul Oliver added that the issue had been structured so that it was tax efficient to both onshore and offshore investors and was listed on the CISX to ensure the vehicle was eligible from a UK SIPP and ISA perspective – an added advantage of listing on the CISX as a recognised stock exchange.

Legal support and advice for the deal was provided by Caroline Chan, partner at Ogier, Cenkos’ lawyers in Guernsey, and from Baljit Chohan, partner at Wragge & Co. LLP, the club’s lawyers in the UK.

Overall capacity at Welford Road now stands at 24,000.