Appleby advise PraxisIFM on its listing on the International Stock Exchange
Leading offshore law firm Appleby has acted as lead counsel in both Jersey and Guernsey to PraxisIFM Group Limited in relation to its listing on The International Stock Exchange and the associated placing of over GBP21.5m of ordinary shares. Appleby also acted for PraxisIFM Group Limited in connection with the pre-IPO investment by The Financial Services Opportunity Investment Fund Limited prior to listing.
The cross jurisdictional team at Appleby was led by Andrew Weaver, Corporate Partner in Jersey supported by Kate Storey, Corporate Partner in Guernsey. Simon Tait, Senior Associate, Benjamin Bestgen, Associate and Nele Bhebhe, Associate assisted Andrew and Kate.
The listing was implemented by an introduction of ordinary shares under Chapter 6 of the exchange's Listing Rules and follows a number of significant acquisitions by PraxisIFM Group Limited in which Appleby has also acted. This included the Guernsey team advising on the recent acquisition of specialist annuity provider Cavendish Corporate Investments and prior to that the acquisition of Confiance Limited and Confiance Pension Services, led by Kate Storey.
Appleby Corporate Partner, Andrew Weaver commented: “We are delighted to have acted as lead counsel in both Jersey and Guernsey to PraxisIFM in relation to its listing on The International Stock Exchange and are incredibly proud to have worked with such an exciting and fast growing business in this major step in its development. The transaction is an excellent example of the expertise of our pragmatic, client-centric and solution driven cross jurisdictional team.”
Commenting on the listing, Simon Thornton, PraxisIFM’s Chief Executive Officer said: “Appleby has been impressive throughout the process to our IPO and we are grateful for their clear and thoughtful guidance in this transformative stage of our business.”