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First Guernsey Fund Lists On JSE,
by Robert Lee, Tax-News.com, London
Wednesday, September 10, 2008
A company investing in a wide variety of assets, including the prestigious Faberge
brand, has become the first Guernsey domiciled fund to list on the Johannesburg
Stock Exchange (JSE).
Pallinghurst Resources (Guernsey) Limited (Pallinghurst), a Guernsey closed-ended
investment company, successfully completed its listing on the JSE on August
20, 2008.
Stuart Platt-Ransom, a non-executive director of the Company and Group Managing
Director of Legis Group Limited, said: “This is an important step for
Pallinghurst. The listing provides the company with strategic benefits, including
enhanced liquidity and tradability of the company’s shares, in addition
to increasing its public profile and appealing to a broader set of prospective
investors, thus providing wider access to capital markets, facilitating further
growth and acquisition of investments.”
Paul Christopher, a Partner of Ozannes, the company’s legal advisers
in Guernsey added: “Listing on any stock exchange presents a challenge
particularly when you are the first company of this type from a jurisdiction
to do so: Ozannes were well placed to advise, having been the advisers to a
number of first listings of a similar nature.”
Pallinghurst was incorporated on September 4, 2007 and was listed on the Bermuda
Stock Exchange later that month. The company is chaired by Brian Gilbertson,
widely regarded as one of the leading figures in the natural resources industry,
with a notable history and proven track record of value creation.
Pallinghurst raised USD169.3mn at launch and has concluded a number of investments
since then, including the luxury brand Fabergé and Gemfields Resources
plc, as well as investing in projects involving manganese and platinum.
Martin Tolcher, Managing Director of Legis Fund Services Limited, the Guernsey-based
administrator of Pallinghurst, commented: “We are delighted to be involved
in such a dynamic fund with a very exciting future. Legis is proud to have been
part of the first listing of a Guernsey domiciled fund on the JSE.”
Peter Niven, Chief Executive of Guernsey Finance, the government's investment
promotion agency, added: “A Guernsey first is always an achievement worthy
of note and well done to Pallinghurst and its advisers, Legis and Ozannes, for
their work in getting the Guernsey name into another market, this time South
Africa.”
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