07 July 2016

Carey Olsen advises Raven Russia on dual listing and £108.7 million fundraising

Carey Olsen's listing specialists have advised Raven Russia on the creation and listing of convertible preference shares on The International Stock Exchange (TISE). The fundraising, originally targeting a minimum of £105.5 million, has in fact raised £108.7 million.

The company has ordinary shares, preference shares and warrants listed on the London Stock Exchange (LSE), which all became dual listed on the TISE in May. This further listing, of convertible redeemable preference shares, is listed solely on the TISE and traded on the SETSqx platform (the Stock Exchange Electronic Trading Service of the LSE, which trades in small-cap, less liquid securities).

The Carey Olsen team included partner Ben Morgan and senior associate John Scanlan who advised on the Guernsey aspects of the listing alongside UK counsel Berwin Leighton Paisner.

Advocate Morgan said: "Generally Chapter 8 of the Exchange’s listing rules is used for debt securities issued by special purpose vehicles rather than listing convertible preference shares in an operating company.

“These types of listings are unusual and have their own complexities; as the leading legal adviser to TISE-listed clients, Carey Olsen was delighted to be involved in such a successful placing."

CISE chief executive officer, Fiona Le Poidevin, said: "I was delighted that Raven Russia dual listed its existing share classes on the TISE in May and the fact that we have become the sole exchange of choice for this listing of convertible preference shares is a significant endorsement of our offering.

“It reflects both the issuer’s satisfaction with our levels of service and also the responsive, innovative approach to these sorts of transactions. The TISE has had a very positive start to the year, which is typified by increased diversity of listings, such as those of Raven Russia.” "