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Mourant Ozannes in Guernsey acted as Guernsey legal adviser, together with Simmons & Simmons LLP as lead counsel, and SANNE as administrator and treasury services providers on the launch of Funding Circle SME Income Fund Limited.
The Fund is listed on the premium segment of the Official List and trading on the London Stock Exchange's Main Market for listed securities and launched at the end of November 2015. It is a registered closed-ended collective investment scheme in Guernsey, providing investors with exposure to loans provided by Funding Circle to SME businesses in the UK, US and Europe. The Fund is the first fund structure launched by a marketplace lending platform and successfully achieved its fundraising target of £150 million following its placing and offer for subscription of newly issued shares in the Fund.
Mourant Ozannes' advisory team made up of Gavin Farrell (partner), Helen Wyatt (managing associate) and Gary Hall (associate), assisted on all Guernsey legal and regulatory law aspects. This was combined with the structuring and fund administration expertise of SANNE's Debt team led by John Bishop.
Gavin Farrell said: "It is another feather in Guernsey's cap to have been chosen as a jurisdiction for the launch of such a successful, but complex, lending fund platform. Not only was Guernsey and all its service providers able to deal together with the complexity of the transaction, but also with all legal and regulatory aspects associated with the launch of such a funding platform. Again, we are proud to have been associated with such a successful fund launch."
John Bishop, Director in SANNE's Debt division in Guernsey said: "We are delighted to have supported Funding Circle in establishing their first Guernsey registered and London listed fund. As a listed business ourselves, we understand the effort, commitment and focus it takes to list on the Main Market of the LSE. Our administration and treasury services teams look forward to continuing to work with the Board and Funding Circle to deliver a best-in class administration and treasury services to the Fund going forward."
Chairman of the Fund's board, Richard Boleat, said "I am delighted that the fund has successfully listed on the London Stock Exchange."
