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by Jason Gorringe, Tax-News.com, London
Wednesday, August 25, 2010
Channel Islands law firm Carey Olsen has announced its advisory role in Masawara
plc’s listing on the Alternative Investment Market (AIM) of the London Stock
Exchange.
Masawara is a Jersey-incorporated company focused on acquiring interests in
companies and projects based in Zimbabwe and the southern African region. The
company seeks to obtain long-term capital growth through the acquisition of
interests across a range of sectors, including agriculture, mining, telecommunications
and real estate.
Carey Olsen assisted SJ Berwin as the lead legal advisers to the listing, which
took place on August 19 and is expected to raise approximately USD25m. Masawara's
approximate market capitalization on admission is expected to reach USD80m.
Upon admission, the company will hold two investments, one in a commercial property
in Harare and the other an investment in TA Holdings Limited, a company listed
on the Zimbabwe stock exchange.
Carey Olsen partner Mike Jeffery led the team advising Masawara plc in Jersey
said: "Carey Olsen has seen a lot of activity in the AIM market in recent months
and Masawara's placing on AIM is an example of how confidence is returning in
growth markets such as mining and telecommunications."
Carey Olsen noted that Masawara's placing on AIM builds on a trend of a growing
number African companies listing on the AIM market, for example, the firm recently
advised Bellzone Mining plc, a Jersey-registered holding company with large
scale iron ore deposits and exploration assets in Guinea, on its listing on
AIM.
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