Introduction
The International Stock Exchange ("TISE") created 'Specialist Companies' equity listing rules, together with a revised schedule of fees and charges for eligible issuers, in November 2024.
Specialist Companies rules
The rules are designed for Specialist Companies, including SPV holding companies and closely held Real Estate Investment Trusts ("REITs"), issuing securities to qualified investors which are not expected to be traded or transferred.
The rules are streamlined and more flexible than the Equity Market Listing Rules, providing simplified initial application, disclosure and continuing obligation requirements for eligible companies – in particular, those engaging in specific activities such as restructuring and closely held REITs.
Notably, eligible companies do not need to publish the listing document or any financial information on TISE's website. Furthermore, REIT issuers with securities currently listed under the Equity Market Listing Rules may, if eligible, be able to re-categorise and list as Specialist Companies.
As a market leading sponsor of REIT issuers, we have seen a significant take-up (over 80% of the REITs we act for have been re-categorised).
Bedell Channel Islands Limited
Each issuer is required to appoint a listing sponsor. Bedell Channel Islands Limited (BCIL) is a leading listing sponsor and has been a listing member of TISE since 1999. BCIL has considerable experience of acting as listing sponsor to a significant number of TISE-listed investment funds, trading companies and approximately 35% of all REITs listed on TISE.
Location: Jersey
Related Service: Listing Services
