JTC Law and JTC Group have advised Invesco Bond Income Plus Limited on a secondary fundraise.
The transaction is understood to be the first of its kind completed following changes to the UK Prospectus Regulations, which came into effect on 19 January 2026.
Under the updated rules, investment companies can issue up to 100% of their share capital without a prospectus, replacing the previous €8 million limit for retail investors. BIPS raised £25 million, including £11.5 million from retail investors, through the secondary issuance. The raise increased the company’s market capitalisation to £450 million.
JTC Law advised the BIPS board on Jersey legal matters and worked with the Jersey Financial Services Commission (JFSC) to align local regulatory requirements with the updated UK framework.
JTC Group, acting as administrator, supported the process by coordinating board and shareholder meetings and approvals, liaising with external advisers, and working alongside JTC Law on the transaction.
JTC Law and JTC Group have also been involved in discussions with the Jersey Financial Services Commission, Government of Jersey and Jersey Finance regarding updates to Jersey’s prospectus requirements. Changes introduced on 6 March 2026 removed the need for additional prospectuses for secondary issuances by Jersey-listed companies on UK markets.
Sam Sturrock (pictured), Head of Regulatory, Listing and Financial Services at JTC Law, commented: “This was the first fundraising and retail offering by a listed fund following the changes to the UK prospectus regime. Our team was delighted to work closely with the JFSC to ensure Jersey’s prospectus requirements dovetailed as closely as possible with the newly updated UK rules. This collaborative approach allowed the transaction to proceed smoothly and efficiently.”
Claire Brazenall, Director – Fund Services at JTC Group, added: “This successful fundraise has not only reinforced BIPS’ position as the largest investment trust in its sector, but also reinforces Jersey’s position as a trusted centre for centre for investment funds and capital raising. Our teams’ regulatory insight and hands-on support to BIPS ensured a seamless process for the client, demonstrating the value of JTC’s expertise and our commitment to providing innovative solutions in a fast-evolving regulatory environment.”
