The Channel Islands Stock Exchange (CISX) is now considered a 'recognised' exchange by the Australian...
QBE Capital's mandatory convertible preference shares needed to be listed on a stock exchange recognised by the Australian Stock Exchange as a condition of issuance. The issue, underwritten by Merrill Lynch, is called 'Feline Prides'. It is a hybrid product offering a coupon while deferring dilution for QBE. The company also benefits from the tax deductibility of coupon payments.
The issue was sponsored by Volaw Corporate Finance, a Jersey-based member of CISX. Robert Christensen, managing director of Volaw Trust Company, was one of those that fought to gain Australian recognition of the CISX.
To achieve this he worked alongside Allen Allen & Hemsley in Sydney and Brown & Wood in New York.
Since November 2008
Share issue oversubscribed
PARTNER INSIGHT: For many advisers, outsourcing to a multi-manager or discretionary fund manager makes sense, allowing them to focus on the adviser-client relationship
Events, information and other services
An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client