UK Real Estate Fund Lists On BSX
The Listing Committee of the Bermuda Stock Exchange (BSX) has announced the
approval of the listing of shares in UK real estate fund Ciref Europe Limited.
The BSX announced on 27th June that the listing of the authorised 49,999,000 Class A shares is effective from the
6th May 2008. Ciref Europe Limited was incorporated on 1st May 2007 in BVI under the provisions
of the Business Companies Act of 2004 and under the provisions of the Mutual
Funds Act of 1996. The issue is being introduced for listing under the Restricted Marketing provisions
of the Bermuda Stock Exchange, which is for securities that are aimed at Qualified
Investors, being individuals or institutions that invest either a minimum of
USD100,000 or otherwise meet one of the suitability standards as defined by
the Exchange. The shares are to be so distributed to investors under the laws of BVI by Beacon
Fund Advisors and are subject to a minimum subscription of 100,000 pounds Sterling. 1,893,379.39 shares have been subscribed and issued to date of which 1,855,208.33
shares are held by Ciref Ltd., the AIM listed property Investment Company. The Fund objective is to invest in a diversified portfolio of commercial properties
situated in Europe. The investments will be in the form of equity and subordinated
loan notes into Special Purpose Entities that will in turn invest in property
and/or property related securities on a leveraged basis. “The BSX is delighted to welcome Ciref Europe Limited to listing”,
commented James S. McKirdy, Chief Compliance Officer of the BSX. “Appleby Securities (Bermuda) Limited is very pleased to have been chosen
as sponsors of Ciref Europe Limited”, added Carol Feathers, Director of
Appleby Securities (Bermuda) Limited. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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