First IPO of 2016 for a LSE Main Market Listed Investment Company

Tuesday 5 July 2016|Corporate, General News
HomeNews & ViewsFirst IPO of 2016 for a LSE Main Market Listed Investment Company

Praxis Fund Services and International Fund Management Limited are pleased to have worked with Hadrian’s Wall Capital Limited on the initial public offering of the first London Stock Exchange main market listed investment company of 2016.

Hadrian’s Wall Secured Investments Limited raised initial gross proceeds of £80 million following an initial placing and an offer for subscription of ordinary shares of no par value in the capital of the company.

The company will invest primarily in UK commercial loans secured by a range of assets, including equipment, plant and machinery, real estate and trade receivables, to provide capital to under-served segments brought about by ongoing financial disintermediation.

Praxis Fund Services Limited and International Fund Management Limited (IFM) are part of the PraxisIFM group of companies.

‘We are delighted that Hadrian’s Wall Capital Limited has chosen to domicile their new London Stock Exchange listed fund in Guernsey and utilise the services of International Fund Management Limited as alternative investment fund manager and Praxis Fund Services Limited as administrator. We are looking forward to a long and prosperous relationship with Hadrian’s Wall Capital Limited,’ said Chris Hickling, managing director, International Fund Management Limited.

Once the proceeds of the initial placing and offer for subscription are substantially invested, Hadrian’s Wall Secured Investments Limited will target an annualised dividend yield, which is expected to grow over time.

IFM will delegate portfolio management to Hadrian’s Wall Capital Limited, however will maintain responsibility for ensuring the fund operates in line with laws and regulations ensuring that risks are managed review and controlled. Hadrian’s Wall Capital Limited, acting as Investment Adviser, specialises in advising with respect to debt investments.

‘We are very pleased with the service, effort and professionalism provided by the team at PraxisIFM. They worked extraordinarily hard and persisted through difficult and challenging market conditions,’ said Ron Miao, Chief Operating Officer, Hadrian’s Wall Capital Limited.

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