DEALS & CASES | LISTINGS

The Vinum Fund PCC Limited

Acting as both legal adviser and (through Collas Day Corporate Finance Limited) Sponsor of, a specialist investment vehicle focusing on rare and fine wine. One initial cell of the Protected Cell Company, the Bordeaux Cell, has been created with an investment objective of medium to long-term capital appreciation with an emphasis on the classified wines of the Bordeaux region of France. Shares in the Bordeaux Cell were listed on the Channel Islands Stock Exchange in May 2007.

Bridgewater (IOM) Limited

Acted as legal adviser and listings sponsor of the following funds promoted by Bridgewater including:

• EEA Selected Opportunities Investments
• Interalia Optimisation Returns Fund PLC
• EEA Futures Fund Limited.

Role also includes ongoing advice and ad-hoc issues such as amendments to offerings documents, listing of further share classes and continuing obligations under the CISX rules.

Trident Fund Services (Guernsey) Limited

Trident Fund Services (Guernsey) Limited, on the establishment and authorisation of Global Offshore PCC Limited, an open-ended fund incorporated as a protected cell company and authorised by the Guernsey Financial Services Commission as a class B collective investment scheme. Collas Day Corporate Finance Limited also acts as listing sponsor in respect of the listing of the shares in the first two cells, The Hurdle Fund and The Hurdle Feeder GBP, on the Channel Islands Stock Exchange.

Global Vision International Property Fund II

Acted as legal adviser on the establishment and listing on the Official List of the Channel Islands Stock Exchange of Global Vision International Property Fund II, a cell of Lanesborough. Lanesborough is registered in Mauritius and will invest in property in Italy, U.S.A. and Eastern Europe.

Pre-X Capital Management Limited

Collas Day acted for Pre-X Capital Management Limited in incorporating Pre-X Capital Guernsey PCC Limited as the first registered investment fund under the new Registered Collective Investments Scheme Rules 2008 and the Prospectus Rules 2008, which came into force on 15 December 2008. A new regulatory regime for Guernsey closed-ended funds was put in place by the adoption of these new rules. 2 new sub-funds were launched by Pre-X, which will invest in companies in the pre-IPO stage or other similar development state for a trade sale and in businesses with short term financing requirements.

Glenstone Property plc

Advised KPMG Corporate Finance acting as sponsor to Glenstone Property plc, which listed on the CISX on 28 October 2008. The advice involved detailed consideration of the listing rules and on the scope of due diligence required for listing. The listing will represent the first REIT to be listed on the CISX.

RGI International Limited

Acted on behalf of RGI International Limited, a company specialising in property development in the Russian market, in relation to admission to AIM and the raising of US$180m by an offer of shares. White & Case, KPMG Corporate Finance and Morgan Stanley Securities also advised.

Inverthorn Secure Funding PLC.

Advised on the CISX listing of IoM domicile debt instruments in name of Inverthorn Secure Funding PLC.

Art Investment PCC Limited

Advised the promoters of The Art Trading Fund, Guernsey's first collective investment vehicle trading in Fine Art, which was launched in March 2007. The fund is a cell of the Art Investment PCC Limited, which listed on the Channel Islands Stock Exchange in July 2007.

T2 Income Fund Limited

T2 Income Fund Limited, a closed-ended investment company incorporated in Guernsey that was listed on AIM (the Alternative Investment Market of the London Stock Exchange) on 5 August 2005. The fund invests principally in debt issued by technology companies, and replicates a successful fund operated in the US by T2 Investment Capital Corp. Freshfield Bruckhaus Deringer acted as UK legal adviser to the fund, Grant Thornton Corporate Finance as nominated adviser and J P Morgan Cazenove Limited as broker.