Channel Islands retailer SandpiperCI Group Limited has listed and commenced dealings on The International Stock Exchange (TISE).
Today (31 May 2019), Sandpiper’s entire issued ordinary share capital has been admitted to the Official List of TISE and dealings in the shares have commenced.
Sandpiper has also entered TISE’s Channel Islands market segment, which is dedicated to trading companies operating from Guernsey or Jersey which issue equity that is listed on the Exchange.
Fiona Le Poidevin, CEO of The International Stock Exchange Group (TISEG), said: “I am delighted to welcome Sandpiper to TISE and to our Channel Islands segment.
“Sandpiper joins a growing cluster of Channel Islands headquartered companies which are listed on TISE. It is fantastic that this now includes a locally owned business that is synonymous with well-known brands such as M&S, Costa Coffee, Burger King and Laura Ashley and which each of us in the islands interacts with on an almost daily basis.
“It is pleasing to see that there is growing awareness of the way in which listing on TISE provides a cost effective and convenient way to raise capital for the future development and growth of the business while also offering the opportunity for an even wider spread of ownership of the company.”
As part of the listing, 25.1 million shares were sold at a price of £0.75 per share. Following this successful admission, Sandpiper now has 100,000,000 shares in issue and the opening market capitalisation of the company is £75 million.
Tony O’Neill, CEO of Sandpiper, said: “We are very pleased to have successfully listed on TISE and welcome all new shareholders to the Company. This listing is the culmination of strong performance over the last three years since the Company was taken into local ownership. The TISE listing raises our profile while, at the same time, enabling wider participation in the ownership of the Company and providing an ongoing market for the shares. We now have more than 120 new shareholders, the vast majority of whom are Channel Islands’ residents, which is entirely appropriate for the largest retailer in the islands.
“Having recently announced the Channel Islands’ acquisition rights to the Laura Ashley brand, we now trade with 14 national and international Blue Chip franchise partners. The business is highly defensible, backed up with a high quality freehold property portfolio, including the Liberty Wharf retail complex in Jersey. We will continue to look for opportunities to expand our presence both in the islands and in other geographical territories where we can leverage our strong relationships with market leading franchise partners.”
Sandpiper’s Listing Sponsor and Market Maker on TISE is Ravenscroft Limited, which also acts as investment manager to Bailiwick Investments Limited, a shareholder in Sandpiper.
Jon Ravenscroft, CEO of Ravenscroft, said: “As advisors, it has been a pleasure working with Tony and his team at Sandpiper and we are delighted to assist them with the listing on TISE. We look forward to what the future holds for Sandpiper and its growing portfolio of franchise partners.”
Carey Olsen’s corporate team in Jersey acted as lead counsel in advising Sandpiper on the transaction.