Appleby advises Strix on £190 million stock exchange listing
Appleby Isle of Man advised Strix Group PLC on its £190 million flotation on the London Stock Exchange (Alternative Investment Market).
Appleby acted as Isle of Man legal counsel to Strix Group PLC during the process of scheduling and listing its shares on the London Stock Exchange’s Alternative Investment Market.
The listing went live on 8 August 2017 and raised £190 million. The flotation provided a clean exit for AAC Capital Partners, which invested in Strix in 2005.
Strix is incorporated and registered in the Isle of Man and operates a sizeable commercial operation in the Island, employing more than 65 people locally. Appleby’s Isle of Man office advised on a range of legal areas, including corporate, banking, pensions, property and employment.
The Appleby Corporate team which worked on the project was led by Kyle Sutherland, Partner, Tom Brook, Counsel, and Associate Katherine Johnson.
Kyle commented: “We were pleased to share our listing expertise with one of the most well-known, established businesses in the Isle of Man as it prepared to take a significant step in its future development. It is particularly satisfying that this IPO is in respect of a locally based manufacturing business with strong roots in the Island.
“We very much enjoyed working with the Strix team on this project against a challenging timescale. We also note the appointment of Gary Lamb as interim non-executive chairman, who we have worked closely with previously on the listing of Manx Telecom back in 2014.”
Appleby advised Strix alongside CMS Cameron McKenna Nabarro Olswang LLP (English law), Zeus Capital Limited (broker and nomad), PriceWaterhouseCoopers LLP (tax and structuring), Eversheds Sutherland LLP (legal advisers to the nomad), Estera Trust (Isle of Man) Limited (corporate services) and Conyers (Bermudan law).
Strix was established in the Isle of Man as Castletown Thermostats in 1951 by Eric Taylor, inventor of a revolutionary thermostat during World War II to control heated flying suits worn by bomber crews at high altitudes. The firm is a global leader in the design, manufacture and supply of kettle safety controls and other components for devices involving water heating and temperature control, steam management and water filtration.