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Maples Advises on Cayman Islands Stock Exchange Listing as part of First-of-its-Kind Dual Listing with Specialist Fund Segment

22 Jul 2021

Maples and Calder, the Maples Group's law firm, is pleased to have advised its client, Literacy Capital on a first-of-its-kind dual listing on the Specialist Fund Segment of the London Stock Exchange and on the Cayman Islands Stock Exchange ("CSX"). The offering, which closed on 25 June 2021, took approximately two months to arrange with the listing on the CSX only taking two weeks from start to listing. 

A team based in the international law firm's London office acted as Cayman Islands counsel to the issuer on this unique transaction that enabled a closed-ended UK investment company to successfully structure and qualify as an investment trust.  By listing on the CSX, the investment company satisfied the requirements in accordance with the HMRC and the UK Corporation Tax Act to be listed on a recognised stock exchange.

In addition to providing legal advice from the firm's London office, the Maples Group also acted as listing agent to the issuer.  Jonathan Caulton, London-based Finance Partner and Ana Lazgare, Finance Associate advised the issuer on the CSX aspects of the transaction and worked alongside Travers Smith who acted as English law counsel.

Commenting on the listing, Jonathan Caulton said, "We were delighted to assist our client on this novel listing which further demonstrates the CSX's ability to provide a platform for cost efficient listings for a wide range of securities and issuers. We anticipate that there will be increasing interest in these types of listings and in particular, they will appeal to private equity funds, family offices and UK real estate investment trusts."

Marco Archer, Chief Executive Officer of the CSX commented, "We were delighted that Literacy Capital chose the CSX as the listing venue. The Issuer opted to list the securities on the CSX on the basis of the Exchange's international recognition, high level of service, and pragmatic approach to listing.  It is pleasing to see that there is growing awareness of the way in which listing on the CSX provides a cost effective and convenient way to list securities." 

Eva Holt, Head of Listings from CSX also commented, "This listing underscores the business growth of the Exchange and is a good indicator of the continuing demand for the Exchange's services within the Cayman Islands and beyond. Of significance are the unique features of the issuance and the collaboration of all the professionals involved in ensuring the ease with which the issuer was able to list its securities."

The Maples Group's global listings team is an acknowledged leader in listing services with specialist teams based in its Cayman Islands, Dublin, Hong Kong, Jersey, London and Luxembourg offices. Earlier this year, the Maples Group was recognised as the number one listing agent on the CSX having advised on 53% of all CSX listing in 2020 .

Read the Maples Group's latest LISTed newsletter that provides insight into industry updates for global listings.

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.