Jersey Firm Lists On AIM

by Jason Gorringe, Tax-News.com, London

25 August 2010

Channel Islands law firm Carey Olsen has announced its advisory role in Masawara plc’s listing on the Alternative Investment Market (AIM) of the London Stock Exchange.

Masawara is a Jersey-incorporated company focused on acquiring interests in companies and projects based in Zimbabwe and the southern African region. The company seeks to obtain long-term capital growth through the acquisition of interests across a range of sectors, including agriculture, mining, telecommunications and real estate.

Carey Olsen assisted SJ Berwin as the lead legal advisers to the listing, which took place on August 19 and is expected to raise approximately USD25m. Masawara's approximate market capitalization on admission is expected to reach USD80m. Upon admission, the company will hold two investments, one in a commercial property in Harare and the other an investment in TA Holdings Limited, a company listed on the Zimbabwe stock exchange.

Carey Olsen partner Mike Jeffery led the team advising Masawara plc in Jersey said: "Carey Olsen has seen a lot of activity in the AIM market in recent months and Masawara's placing on AIM is an example of how confidence is returning in growth markets such as mining and telecommunications."

Carey Olsen noted that Masawara's placing on AIM builds on a trend of a growing number African companies listing on the AIM market, for example, the firm recently advised Bellzone Mining plc, a Jersey-registered holding company with large scale iron ore deposits and exploration assets in Guinea, on its listing on AIM.

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