Mourant Ozannes acts as Guernsey legal adviser on launch of new Chenavari-managed fund

Mourant Ozannes, has acted as Guernsey legal adviser, together with Wragge Lawrence Graham & Co LLP as lead counsel, on the launch of Toro Limited (Toro), listed on the Specialist Fund Market of the London Stock Exchange and the official list of the Channel Islands Securities Exchange Authority Limited (together, the Market).

Toro was established as a registered closed-ended collective investment fund in Guernsey, providing exposure to European corporate and consumer credit through asset backed securities.

The launch of Toro involved a public offering and placing of shares on the Market together with the transfer by Toro Capital I, a Luxembourg domiciled fund, of its assets through its liquidation process with the existing Toro Capital I shareholders being issued with shares in Toro, in exchange for agreeing to transfer the underlying assets of their holding in Toro Capital I.

Toro launched in May and successfully raised €330 million following its initial public offering and placing and the issue of shares to Toro Capital I shareholders. The Mourant Ozannes advisory team of partner Gavin Farrell and managing associate Helen Wyatt, together with associate Gary Hall, assisted on all Guernsey law aspects. The other Guernsey service providers included fund administrators Morgan Sharpe.

Gavin Farrell said: "It was yet again an endorsement of Guernsey's position in the capital raising world to have Chenavari launch its second listed fund from our jurisdiction. It was also particularly pleasing that this choice of Guernsey extended to the transfer of the Luxembourg entity's assets into the Guernsey fund as forming part of its launch."

Mel Torode, from Morgan Sharpe, said: "We are delighted to have worked with Chenavari again on their second Guernsey domiciled fund and to have added another listed fund to our client base.  We join Mourant Ozannes in also being particularly pleased for Guernsey to have gained a fund from a competitor jurisdiction."

Mourant Ozannes worked with lead London law firm Wragge Lawrence Graham & Co LLP, investment firm Dexion Capital plc, Guernsey-based administrator Morgan Sharpe Administration Limited and accountancy firm Deloitte LLP.