Axiom Stone’s Corporate team have advised on an investment company’s floatation on one of the London capital markets.
SAPO plc – formerly South African Property Opportunities – placed 29,000,000 Ordinary shares for trading on the NEX Exchange Growth Market.
It was advised in the listing by Axiom Stone Solicitors, a full-service business law firm based primarily in Mayfair and with offices in Edgware and Birmingham and one of the capital’s fastest-growing companies.
The share issue marks a significant change of strategy for SAPO which previously achieved capital growth by managing a property portfolio including the sale of real estate assets in South Africa.
In 2018, having identified a gap in the market, the Isle of Man-registered company switched direction to focus investment in the developing market for rural broadband.
As a result, SAPO decided to submit its shares for Admission on the NEX Exchange in a move to provide access to funding, increase its profile and improve its negotiating position.
Axiom Stone’s Corporate team co-ordinated the process which included verification, a review of the Admission Document and drafting key documents such as the Verification Notes, Directors’ Memorandum and Lock in Agreements.
It acted as intermediary between the various parties working on the listing to bring together the expertise necessary for a successful admission.
Michael Meyer, SAPO Executive Chairman, commented: “We are delighted with the service that Axiom Stone’s Corporate department provided and believe that they are the up-and-coming corporate lawyers in London”.
Claudine Lawrence, Axiom Stone’s Head of Corporate, said: “We were very pleased to act on behalf of SAPO as it successfully completed its listing. The shares were admitted to the NEX Exchange Growth Market in December and we wish the company great success as it pursues its exciting new strategy.”
Jonathan Metliss, Axiom Stone Chairman, added: “It augurs well for Axiom’s Corporate Department which is growing at a fast rate and on an upward curve.”
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