The River and Mercantile UK Micro Cap Investment Company Limited raised £50.6 million on its listing on the premium segment of the London Stock Exchange (LSE) on 2 December 2014.
A new Guernsey closed-ended fund, it will focus on achieving long term capital growth from investment in a diversified portfolio of UK micro-cap companies (companies with market capitalisations typically of less than £100 million at the time of purchase). River and Mercantile Asset Management LLP has been appointed as portfolio manager.
River and Mercantile Asset Management LLP Chief Operating Officer, Julian Cripps, said: "We are pleased to have been able to work with Carey Olsen and CMS Cameron McKenna. Their experience, professionalism and ability to bring the onshore and offshore elements together seamlessly have helped us to achieve a successful initial placement. Their deep understanding of the regulatory and oversight requirements has played a valuable role in the launch of the company."
Advising on all aspects of the fund's establishment as a Guernsey structure, as well as on the required regulatory approvals, Carey Olsen's corporate team included partner Ben Morgan and senior associate Annette Alexander.
Advocate Morgan said: "It was a pleasure to work alongside CMS Cameron McKenna and to advise River and Mercantile on this significant and successful LSE listing before the close of 2014."
CMS Cameron McKenna partner, Cathy Pitt, said: "There were some complex structuring issues to resolve on this transaction. As ever, the Carey Olsen team worked side-by-side with us to deliver a fund structure meeting our client's requirements."
BNP Paribas Securities Services Guernsey branch has been appointed as fund administrator and custodian to the fund.
Ross Youngs, Head of Sales for BNP Paribas, commented: "We are very pleased to be working with the River & Mercantile Group and congratulate them on successfully launching this new Fund. The combination of listing on the London Stock Exchange and the selection of Guernsey as the domicile of choice is once again a winning formula."
The reporting accountant and auditor is PwC in Guernsey.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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