Max Property Group has been admitted to the daily official list of the Channel Islands Stock Exchange.
Max Property Group has been admitted to the daily official list of the Channel Islands Stock Exchange.
The listing is on a primary basis and the issue of shares constitutes the largest initial public offering in Europe to date this year.
Max Property Group, a Jersey incorporated closed ended property investment company, is also the first IPO to have listed in the UK market since December last year.
CISX chief executive Tamara Menteshvili says: ‘We are naturally delighted that the issuer has selected the CISX as their recognised stock exchange. 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 CISX daily official list.’
The CISX has more than 3,000 listings of securities issued by funds, eurobonds, structured debt, warrants and specialist debt securities.
Max Property Group is managed externally by Prestbury Investments led by Nick Leslau and Mike Brown. The company has raised GBP220m (before expense of the issue) and it has the backing of investors, Och-Ziff, which has committed to invest GBP35m at offer price. The management team, its partners and affiliates, have also committed to invest GBP25m.
Conditional dealings began on 21 May 2009 on the Alternative Investment Market, which has the secondary listing, ahead of the full listing on the CISX from today.
Aubrey Adams, proposed chairman of Max Property Group, says: ‘We are delighted by the level of interest in Max Property Group and the support that we have received from institutional investors. 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.’
