IPSX issuers scout out new homes
Companies listed on the real estate-focused IPSX market are mapping out their next steps as the exchange is prepared for closure.
IPSX said this week that it has started an orderly winding down of its operations and closure of its markets. It said it could no longer meet the regulatory capital requirements that the Financial Services Authority, the UK’s financial watchdog, demands from a recognised investment exchange.
Mailbox REIT, which owns the Mailbox scheme in Birmingham and was the first company to float on IPSX, said today (5 September) that trading in its shares will continue throughout the 90-day wind-down period but that it has already identified a new home.
Companies listed on the real estate-focused IPSX market are mapping out their next steps as the exchange is prepared for closure.
IPSX said this week that it has started an orderly winding down of its operations and closure of its markets. It said it could no longer meet the regulatory capital requirements that the Financial Services Authority, the UK’s financial watchdog, demands from a recognised investment exchange.
Mailbox REIT, which owns the Mailbox scheme in Birmingham and was the first company to float on IPSX, said today (5 September) that trading in its shares will continue throughout the 90-day wind-down period but that it has already identified a new home.
Chairman Stephen Barter said: “While we are sad to learn that IPSX is to wind down, we have been preparing for the possibility of such an outcome. We are finalising arrangements for listing and trading on an alternative platform, where access to trading and liquidity will be improved, while protecting the interests of all our shareholders. In the meantime we note that IPSX will remain open while it winds down its operations.”
M7 Regional E-Warehouse REIT, which owns a portfolio of 17 warehouses last valued at £106.1m and joined the market at the end of 2022, said its board is “carefully considering all options available to the company so as to maintain its REIT status” after the closure of IPSX.
It added: “Consideration is therefore being given to the private REIT structure as well as alternative listing platforms. Advice is being taken in this regard and a further announcement will be made in due course, as appropriate.”
BWP REIT, the most recent listing on IPSX and owner of the mixed-use Bridgewater Place scheme in Leeds (pictured), said: “BWP REIT has been investigating alternative platforms for listing to ensure trading in its shares can continue. The board, in consultation with its asset and investment manager and its lead adviser, is in discussions with such alternative platforms and believes there are a number of viable options. A further announcement regarding the new listing venue will be made in due course.”
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Photo © BWP REIT
