As you may already be aware from various recent press releases, the Channel Islands Stock Exchange ("CISX") announced on 14 October 2013 that it was not processing new listing applications for an estimated period of one month whilst a corporate restructuring occurs. The CISX has now released further information to help clarify the position regarding the status of current listings and new applications during this period.
Existing Listings
Issuers which currently have securities listed on the CISX will be unaffected and the listing will remain in place.
Existing Debt Issuers (under Chapter VIII of the Listing Rules)
In respect of existing debt issuers, the following types of application will be accepted for consideration by the CISX as normal:
1. Redemptions;
2. PIK note listing mechanisms and further note issues up to an approved 'ceiling' amount under an abridged procedure; and
3. Issues under existing approved programmes.
New classes of notes and any further notes to be issued by existing issuers which do not fall within an abridged procedure and are outside an approved 'ceiling' amount will require written confirmation at the point of application that there have been no material changes to the activities of the issuer since the last listing, together with a copy of the latest accounts or financial statements. Where there have been changes, the CISX will, in its sole and absolute discretion, consider applications on a case-by-case basis.
All duties of the issuers under the continuing obligation regime in respect of the listing will also remain and notifications should continue to be delivered to the CISX through the listing sponsor as normal.
Existing Trading Companies (Chapter VI of the Listing Rules) and Existing Closed and Open Ended Funds (Chapter VII of the Listing Rules)
In respect of existing trading companies and existing closed and open ended funds, the following types of application will be accepted for consideration by the CISX as normal:
1. Further issues of a listed share class in a listed closed ended fund or trading company;
2. Further issues under an existing extended offer period facility for a listed closed ended fund; and
3. Applications for a new share class of an existing listed open ended fund.
New applications in respect of a new class/cell/sub-fund etc of an existing listed closed ended fund which require a full listing application will not ordinarily be processed at this time.
Applications for a new cell or sub-fund of an existing listed open ended fund will not ordinarily be processed at this time.
New Applications
The general approach is that new applications for listings will be considered by the CISX once the corporate restructure is completed. As stated, this is estimated to be in one month.
Any applications for new issuers that have been received and reviewed by the CISX are currently on hold until the restructure is completed but the CISX will, in its sole and absolute discretion, consider applications on a case-by-case basis.
The CISX is in the process of providing further clarification in respect of this restructuring and its implications and therefore this information is subject to updates as fresh information is provided to us.
For further information please contact:
Alasdair Hunter, Partner, Jersey - alasdair.hunter@bedellcristin.com +44 (0)1534 814270
Mark Helyar, of Counsel, Guernsey - mark.helyar@bedellcristin.com +44 (0)1481 812810
Bruce Scott, Partner, London - bruce.scott@bedellcristin.com +44 (0)20 7367 8309
Locations: Jersey | Guernsey | London
Related Service: Listing Services
