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.
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