JTC has worked with long-standing client CEIBA Investments Limited to help bring its listing on the Specialist Fund Segment (SFS) of the London Stock Exchange to fruition.
CEIBA, which has been a client of JTC in Guernsey for more than 15 years, is the largest listed foreign investor offering dedicated investment opportunities directly into Cuba. Its investment portfolio currently includes a modern office complex in Cuba, four existing hotels and a development of a 400-room hotel. On Admission to the SFS on 22 October, CEIBA had a market capitalisation of approximately £137 million.
As part of the listing, CEIBA re-registered as a closed ended investment fund in Guernsey, with JTC offering bespoke depositary-Lite services for the new entity through its JTC AIFM services line in Guernsey.
Legal advice for the transaction was provided by Carey Olsen, led by partner Ben Morgan with assistance from senior associate Chris Hutley-Hurst and associate Felicity White.
John Herring, Chairman of CEIBA Investments Limited, said: “We are very pleased to have successfully listed the company on the Specialist Fund Segment of the London Stock Exchange, which means that we are able to look forward and continue to build on our record of successful investment in Cuba.”
James Tracey, Managing Director of JTC in Guernsey commented: “We have a relationship with CEIBA spanning over a decade and it is a privilege to be able to support the company in the latest stage of its journey through a landmark listing on the SFS in London. Not only is this listing a good news story for CEIBA, it’s also a strong reflection of our AIFM complimentary services and the strength of the Guernsey regime for specialist fund and corporate work.”
Ben Morgan, partner at Carey Olsen, added: “This listing clearly represents a key step for a highly innovative fund that will open up further capital raising opportunities to maintain its momentum in the Cuban real estate market. It is also further evidence of Guernsey’s appeal for listed vehicles, and we continue to see a strong pipeline of work in this area.”