GVC listing is Isle of Man first for TISE

Monday, 02 Jul 2018

A £3.5 billion debt issuance from sports betting and gaming giant GVC Group has become the first listing on The International Stock Exchange (TISE) to be sponsored by one of its Isle of Man based member firms. 

GVC Holdings (UK) Limited has issued a £3.5 billion principal amount 4.9% Fixed Rate Unsecured Loan Notes due 2028 and it was admitted to TISE’s Official List on 28 June 2018.

The member firm which acted as Listing Agent was Isle of Man based IQE Securities Sponsor Services Limited. The Isle of Man’s DQ Advocates Limited advised their longstanding client, GVC Group, on all aspects of the listing and were supported by Latham & Watkins, GVC Group’s UK legal advisers.

GVC Holdings (UK) Limited is a wholly owned subsidiary of GVC Holdings PLC. It is one of the world’s largest sports betting and gaming groups, with licences in more than 20 countries and brands including Ladbrokes, bwin, Sportingbet and partypoker. GVC Holdings PLC is incorporated in the Isle of Man and is a constituent of the FTSE 100 index.

Carolyn Gelling, Head of the Isle of Man Office of The International Stock Exchange Group, said: “I am delighted that GVC has chosen to list such a significant debt issuance on TISE and that in doing so, courtesy of IQE, we have the first listing from an Isle of Man based member of the Exchange.

“The listing comes just after the first anniversary of our office opening in the Isle of Man and while we have been pleased to see some Isle of Man originated listings join the Exchange over the past year, this is the first to come through an Isle of Man member firm. It reflects the significant progress we have made both in raising our profile in the island and further afield as a convenient and cost-effective listing venue for global companies. As such, it is highly appropriate that this listing comes from an Isle of Man incorporated company which runs some extremely well known brands with a truly international reach.”

“The speed and efficiency of the listing application process through TISE has been excellent.”

IQE Securities Sponsor Services Limited was the first Isle of Man based member of TISE and is eligible to sponsor all types of listings, including trading companies issuing equity, investment vehicles and specialist debt securities. 

Anne Couper Woods, Executive Director of IQE Securities Sponsor Services Limited, said: “We are delighted to have achieved our first listing with IQE Securities Sponsor Services Limited acting as the Listing Agent and to have worked with such a significant Issuer is a bonus for us.  We have a number of enquiries in the pipeline and look forward to many more listings in the future. Thanks to all who worked hard to achieve this significant goal and in particular to Helen Hall the Head of our Sponsor Team.”

Hazel Dawson, Senior Associate at DQ Advocates Limited, added: “It has been a great experience working with IQE Securities Sponsor Services Limited in advising GVC with a listing of this quality. The speed and efficiency of the listing application process through TISE has been excellent and we are certain that this, combined with the impressive services of the local advisory teams, will encourage further listings of this nature and magnitude through the Isle of Man branch of TISE.”

There are currently more than 2,600 securities on TISE’s Official List.  

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