Channel Islands retailer SandpiperCI Group has listed and commenced dealings on The International Stock Exchange (TISE).
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 that issue equity listed on the Exchange.
Fiona Le Poidevin, CEO of The International Stock Exchange Group (TISEG), said: “Sandpiper joins a growing cluster of Channel Islands-headquartered companies listed on TISE. It is pleasing to see a growing awareness of the way in which listing on TISE provides a cost-effective and convenient way to raise capital for the development and growth of the business, while offering the opportunity for a wider spread of ownership of the company.”
As part of the listing, 25.1 million shares were sold at £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 £75m.
Tony O’Neill (pictured), CEO of Sandpiper, said: “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.
“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. We will continue to look for opportunities to expand our presence, both in the islands and in other geographical territories.”
Sandpiper’s listing sponsor and market maker on TISE is Ravenscroft, which also acts as investment manager to Bailiwick Investments, a shareholder in Sandpiper.
Carey Olsen’s corporate team in Jersey acted as lead counsel advising Sandpiper on the transaction.