Cenkos a first on the CISX

CENKOS CI LTD has boosted the local economy and benefited Guernsey by floating on the Channel Islands Stock Exchange, say experts. On Tuesday, the stockbroker became the first local financial services company to do so.

Chief executive Jon Ravenscroft said encouraging businesses to get involved in the local economy was high on the agenda.

'We are currently the only local trading company on the CISX, so we are making history,' he said.

'We launched just two years ago and I am extremely proud that the team has achieved so much so quickly.

'The flotation reflects our strong commitment to the islands.

'We are hoping it will encourage other local companies to come in and do the same, which would be great for the Channel Islands and good for local investors.

'We are delighted to have the support of a large number of loyal clients and partners and look forward to repaying their faith in us in the years to come.'

Cenkos Securities plc, the London-based parent company, will keep 50% of the business, a significant proportion will be retained by local staff and senior management and the balance will go to the public, principally private clients of Cenkos CI.

Fellow director Robin Newbould said Cenkos CI was a local business and its focus was therefore on the local market.

The flotation should raise the profile of the company within the Channel Islands, especially with the opening of its new Jersey office in February.

The stockbroker now aims to attract new local business, recruit and incentivise staff and fund potential acquisition opportunities.

The flotation on the CISX was sponsored by Ozannes Securities Ltd, which brought the company to market and prepared it for listing.

OSL director David Moore said he was particularly pleased and proud to have been involved with the listing.

'It shows there is active local involvement and participation that is not simply an offshoot of a large faceless institution based somewhere else in the world, but which is actively involved in the local financial and social community and is sensitive to local issues and local causes,' said Mr Moore.

'It speaks volumes for the progress, profile and and credibility of the CISX, as well as Cenkos CI, that the necessary skills and services exist and have developed locally to enable a project like this to be brought to market, wholly within the Island,' he said.

CISX chief executive Tamara Menteshvili said the flotation would encourage inward investment to Guernsey and boost the local economy.

'The Cenkos CI listing will further raise the profile of the CISX internationally because the primary listing of equity securities in domestic companies is how stock exchanges are measured and compared with other exchanges.'