Next Generation Partners

Capital markets in Guernsey

Carey Olsen

Carey Olsen acts for corporate clients and investors looking to list or raise debt or equity on TISE, and is also sought after for transactions including secondary share issuances and recapitalisations. Ben Morgan leads the group, focusing predominantly on fund-led capital market transactions. Annette Alexander and Tony Lane support funds looking to list on TISE and provide ongoing regulatory advice, with James Cooke handling SPAC transactions, exchange listings and regulatory requirements tied to capital markets deals.

Responsables de la pratique:

Ben Morgan


Autres avocats clés:

Annette Alexander; Tony Lane; James Cooke


Principaux clients

LondonMetric Property plc


Industrials REIT limited


Galaxy UK Bidco Limited


Pipeline Technique Ltd.


PTL UK Midco Limited


Axiom European Financial Debt Fund Limited


Atlantis Japan Growth Fund Limited


Round Hill Music Royalty Fund Limited


Aferian plc


Principaux dossiers


  • Advised Pipeline Technique Ltd., majority owned by a GFSC-regulated fund, on the admission to listing of $22.5m 12% Fixed Rate Redeemable Loan Notes due 2027 on the Official List of TISE.
  • Advised Industrials REIT Limited, a Guernsey-incorporated real estate investment trust, in relation to its take-private takeover by a newly-formed vehicle owned indirectly by funds advised by Blackstone Inc.
  • Advised Atlantis in relation to a scheme of reconstruction under which Atlantis merged with Nippon Activity Value Fund.

Mourant

The ‘engaging and thorough practitioners’ at Mourant support clients undertaking IPOs on exchanges including TISE, the LSE and NYSE, among others, and are also able to advise on the listing of a variety of bond and note programs. The practice is led by John Rochester and is noted for its expertise in assisting listed funds. It is frequently called upon by private equity funds when doing capital markets deals, with Darren Bacon taking the lead on such transactions. Frances Watson assists funds with their listing on various exchanges and subsequent transactions.

Responsables de la pratique:

John Rochester


Autres avocats clés:

Darren Bacon; Frances Watson; James Cousins


Les références

‘Engaging and thorough practitioners – the right blend of technical expertise and commerciality, and a pleasure to deal with throughout.’

‘Genuine sector expertise and experience.’

‘Great capital markets experience and very user-friendly.’

Principaux clients

DDE 61 Limited


Leonteq Securities AG


Financial Services Opportunities Investment Fund


Ramsay Health Care – Project Getaway


Angel Midco


The Branch


Concord Music Group, Inc


CC Private Assets Yield Limited


Schroders Real Estate Investment Trust Limited


Highbridge Tactical Credit Fund Limited


Sandstorm Gold


Principaux dossiers


  • Acted as Guernsey borrower counsel to 13 Guernsey companies in relation to a €144m loan facility provided by Raiffeisen Bank International AG to the borrower group.
  • Advised FSO, a Guernsey registered closed-ended investment company whose shares are listed on TISE in relation to a complex package of proposals including, inter alia, a share issue and tender offer.
  • Advised Angel Midco on a listing of over £66m unsecured loan notes and PIK notes on TISE.

Ogier

Clients looking to list securities on TISE come to Ogier, which is also adept at overseeing Chapter 8 premium listings on the LSE and fundraisings. Bryon Rees acts for listed companies and funds and issues relating to listing sponsors, with Tim Clipstone focusing on advising listed funds and other investment vehicles. Richard Sharp is the key contact for insurance-linked security matters, while Paul Chanter advises on structured finance and derivatives transactions in addition to acting for sponsors. Diana Collas assists clients with derivatives transactions with a BVI angle, as well as acting on listings.

Responsables de la pratique:

Bryon Rees; Tim Clipstone; Richard Sharp; Paul Chanter


Autres avocats clés:

Diana Collas


Les références

‘The team understands the specific space that we operate in and was so helpful in guiding us through a very complex matter to a successful conclusion. They were also a calming influence when we needed it.’

‘Richard Sharp was integral in helping us navigate a complex matter. His understanding of the various stages was crucial in us successfully navigating to a successful conclusion. Richard’s availability was so helpful. Richard also understood and explained matters so that we could understand.’

‘The Guernsey office has been in this market for many years and has a wealth of experience in the sector.’

Principaux clients

Long Term Assets Limited


Mubadala Investment Company PJSC


Principaux dossiers


  • Advised Long Terms Assets on an LSE reverse takeover.
  • Advised Mubadala Investment Company PJSC on the acquisition of Fortress.

Collas Crill

Collas Crill is instructed by clients looking to list securities on TISE, and is also able to advise shareholders in regard to IPOs. Under the broad purview of Michael Adkins and Wayne Atkinson, the group is known for providing regulatory advice regarding the listing of companies in a variety of sectors, including the burgeoning cannabis industry. Simon Heggs handles a range of debt and equity transactions, including IPOs, derivative programs and the delisting of securities.

Responsables de la pratique:

Michael Adkins; Wayne Atkinson


Autres avocats clés:

Simon Heggs


Les références

‘They offer a great client-friendly service and a wide breadth of expertise. They are always willing to jump in and do whatever is required – in that sense, they are extremely collaborative. They are at the forefront of advising on regulatory changes that are relevant to our clients.’

‘My go-to is Simon Heggs. He provides both clear and commercially focused advice in respect of his specialist area.’

‘Very approachable, friendly, cohesive team.’

Principaux clients

Albecq Trust Company Limited


GenTwo AG


Seed Innovations Limited


Curaleaf


Ferro Alloy Resources Limited


Ubtech Robotics Holdings Ltd


Immunocore


RAW Mortgage Funds


Freedom Advantage Funds OEIC PCC Limited


Principaux dossiers


  • Advised UBtech Robotics on the Guernsey elements of the initial IPO of the Ubtech Group on the Hong Kong Stock Exchange.
  • Acted as Guernsey counsel to Albecq Trust Company and GenTwo AG in respect of its securitisation structures and investments in digital assets.
  • Acted for Freedom Advantage Funds OEIC PCC Limited in the listing of their Class D GBP Fund on TISE, the first Abu Dhabi Global Market investment fund to be listed on a recognised European stock exchange.

Walkers

Described as ‘market leaders in listed funds,’ Walkers acts for a number of funds and corporates in relation to IPOs and delistings, with additional expertise in the issuance of notes. Craig Cordle leads the team, offering experience in TISE listings, SPAC structuring and matters pertaining to the daily operation of listed funds. Matt Sanders augments the group’s listed funds experience, and is also a key contact for public M&A. Jessica Robinson is able to advise on capital markets transactions with BVI and Cayman law aspects.

Responsables de la pratique:

Craig Cordle


Autres avocats clés:

Matt Sanders; Jessica Robinson


Les références

‘They are market leaders in listed funds, with great experience.’

‘Craig Cordle’s knowledge of the London listed fund market is second to none, given he worked in London for many years.’

‘Very well versed in all Guernsey fund structuring matters.’

Principaux clients

Hipgnosis Songs Fund Limited


Custodian Property Income REIT plc


Zensho Holdings Co., Ltd


Tetragon Financial Group Limited


Chrysalis Investments Limited


The Flight and Partners Recovery Fund Limited


Strawberry Star Real Estate PCC Limited


Principaux dossiers


  • Represented Hipgnosis Songs Fund Limited in respect of its aborted transaction involving the sale of a catalogue of music and music rights for $465m, a share buyback programme of up to $180m and repayment of $250m drawn under the company’s revolving credit facility.
  • Advised Zensho Holdings Co., Ltd on the Guernsey aspects of the acquisition of the Snowfox Group, which owns the Yo! Sushi and Bento restaurant chains.
  • Advised Tetragon on two of its offers on the London Stock Exchange by way of a modified Dutch auction tender offer for up to $25m (March tender) and $35m (November tender) of its non-voting shares.