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First Guernsey Fund Lists On JSE

by Robert Lee, Tax-News.com, London

10 September 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.”

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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