There are many reasons why a business may decide to list on a stock exchange; often it is for access to additional capital or as part of an exit plan, however, another compelling reason for a business to list is to demonstrate they are adhering to well recognised standards of transparency and governance which makes listing particularly attractive for vehicles looking to attract institutional and experienced investors.
Companies wishing to list must adhere to the listing rules of a stock exchange and in the case of The International Stock Exchange it is a requirement for a listing sponsor or listing agent to be appointed. The sponsor is a listing member of the stock exchange and is responsible for helping the company with the listing application process, which includes demonstrating that the company meets the minimum conditions of listing, completion of the listing document, disclosure requirements and responsibility statements.
The International Stock Exchange (TISE) operates in a number of jurisdictions including the Isle of Man. Companies seeking to raise funds via equity or debt should consider a listing on TISE as it is a recognised stock exchange, which is an agile and innovative venue with global standards of regulation proportionate to the business carried out to provide investor protection without unduly burdening the issuers. It is also a lower cost well-regulated alternative to some of the larger exchanges and is one of the leading venues in Europe for high yield bonds.
Recent innovations have included the introduction of the QIB Listing Rules which provide a dedicated exchange offering for the listing of bonds to “qualified investors” and includes several unique and compelling differentiators when compared with other European exchanges. TISE offers a streamlined process for cost effective listing with issuers including governments and globally recognised companies.
The Equity Listing Rules have also been recently updated to target Special Purpose Acquisition Companies (“SPACs”). SPACs have grown in popularity and a listing on TISE provides an efficient and cost effective solution on an internationally recognised, regulated market with accessible minimum requirements, flexible custody arrangements and a 36 month time frame to make the Qualifying Acquisition.
TISE is also very attractive for REITs seeking a lower cost alternative which meets the UK requirements and for vehicles looking to benefit from “recognised stock exchange” status and is now home to 40% of all UK REITs.
Boston Sponsor Services Limited was the first Isle of Man Listing Member and can act as Listing Agent for Qualified Investor Bonds (“QIBs”) and as a Sponsor for Equities. We offer a variety of services to international and Isle of Man companies considering a listing for their equities and debt on TISE. We were the first to act as Listing Agent to a new listing in 2018 when GVC Holdings (UK) Limited listed a £3.5 billion loan note. Boston is Sponsor to a UK REIT, Fundamentum Social Housing REIT PLC which listed in 2019.
We pride ourselves on providing a supportive and proactive service, working closely with the issuer to make sure that the directors and company secretary are familiar with the provisions of the Listing Rules, the application process and the continuing obligations.
We have significant corporate experience having worked on 14 AIM Admissions and a Main Market admission and ongoing services. We have provided services to RDI REIT PLC since 2004 (formerly Wichford Plc), which was listed first on AIM and from 2007-2021 on London’s Main Market and the Johannesburg stock exchange and is now TISE listed. We acted as a Listing Agent for GVC Holdings (UK) Limited which issued GBP3.5 billion principal amount 4.9% Fixed Rate Unsecured Loan Notes in 2018. We also act as Sponsor to Fundamentum Social Housing REIT PLC which listed in 2019.
There are many benefits to forming companies and doing business in the Isle of Man a well-regulated and politically stable jurisdiction with over 1,000 years of continuous government. Company law is long established and similar in most respects to company law in England and Wales with protection of pre-emption rights and strong corporate governance but also modern and flexible, which can reduce administration and costs. Investors can have confidence in our regulatory standards and legislation. It is an OECD compliant jurisdiction compliant with IMF, FATF and EU regulations in relation to transparency. The Isle of Man has a favourable and transparent tax regime with no stamp duty on share transfers.
If you would like to find out more please get in touch with us by email firstname.lastname@example.org or by phone +44 1624 692930.