Praxis Group Lists On TISE
Praxis Group Limited one of the largest independent financial services operations based in the Channel Islands has today (12 April 2017) listed on The International Stock Exchange (TISE).
The Guernsey-registered business with assets under administration in excess of $40bn and revenues of more than 30m has around 300 staff across 10 jurisdictions.
Simon Thornton Praxis's chief executive officer said: 'Praxis is thrilled to announce its listing on TISE which will broaden further the group's profile internationally and in particular within our target markets.
'This listing will strengthen our position as an employer of choice enhancing our ability to attract and retain staff.'
In addition it provides the group with access to capital markets and the ability to gain a potentially attractive acquisition currency for use were any suitable acquisition opportunity to arise.
'The listing will also provide existing shareholders with a market for their shares' added Dr Thornton.
During 2016 there were 502 new listings on TISE up 18.7% on the previous year. The market capitalisation of all listed securities on TISE last year increased by 36bn (10%) to reach 393bn at the end of the year.
Jon Ravenscroft group chief executive officer of listing sponsor Ravenscroft said: 'It's testament to TISE's growing reputation that companies like Praxis with a global footprint are choosing to list with them.'
Andrew Weaver partner of lead counsel Appleby said We are delighted to have acted as lead counsel in both Jersey and Guernsey to Praxis in relation to its listing on TISE and are incredibly proud to have worked with such an exciting and fast growing business in this major step in its development.
Fiona Le Poidevin chief executive officer of The International Stock Exchange Group said: 'I am pleased to welcome Praxis onto TISE. It is great to see such a well-known Channel Islands business choosing to list on the Exchange and demonstrating a path which other companies could follow.
As a result of the listing Andrew Haining and Iain Stokes are joining the Praxis board as non-executive chairman and director respectively. Mr Haining who is chairman of Channel Islands airline Aurigny has extensive experience as a private equity investor and adviser. A Cambridge graduate Mr Haining co-founded Balmuir Partners in 2005 and before that he was a founder investor in and subsequently CEO of Botts & Company a London based private equity fund manager.
Mr Stokes has extensive financial services experience following a career with BDO and Guernsey International Fund Managers Limited (part of ING Barings) before joining Mourant's corporate and fund services business in 2003. As Group Managing Director he was a member of the executive team that managed the sale of that business to State Street in 2010 and where he was a Senior Managing Director until 2012. He holds a range of non-executive directorships on fund management and fund investment companies focused on alternative asset strategies.