Carey Olsen’s corporate team in Guernsey has advised Achilles Investment Company on its establishment and admission to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
The Guernsey-registered fund raised £54 million at its Initial Public Offering (IPO) and has a placing programme in place for the issuance of up to a further 150 million shares.
Achilles will pursue a concentrated portfolio strategy, investing in closed-ended investment companies listed on the London Stock Exchange (LSE), with a focus on alternative assets. The company aims to maximise shareholder value by identifying and unlocking the potential of underperforming or undervalued assets through active engagement with their boards and investment managers.
Achilles is a closed-ended fund but may, from time to time, allow shareholders to tender their shares for redemption, as a mechanism for returning capital.
Harwood Capital Management (Gibraltar) Limited has been appointed as the investment manager for Achilles. Singer Capital Markets Securities Limited has acted as the financial adviser and sole bookrunner for the company in relation to the initial placing. The Guernsey administrator is NSM Funds Limited.
Working alongside onshore counsel Gowling WLG, the Carey Olsen team advising on the Guernsey legal and regulatory aspects of the deal comprised partner Tony Lane (pictured) and senior associate James Cooke.
Tony Lane commented: “The fundraising and IPO market for investment funds has been extremely tough in recent years and so we are delighted to have assisted Achilles with its substantial raise and its admission to trading on the SFS of the LSE. This transaction demonstrates the continued attractiveness of Guernsey as a domicile for listed funds and highlights our expertise in advising on all legal and regulatory matters related to fund listings.”
Robert Naylor of Harwood Capital commented “Achilles has been launched within a very tight time frame and so we are delighted that all of the fund’s advisers, including Carey Olsen, have worked seamlessly together to ensure that the launch has been successful. We look forward to continuing to work with them as the company grows and evolves.”
