London Stock Exchange welcomes CLS Holdings plc to ORB

London Stock Exchange welcomes CLS Holdings plc to ORB

Wednesday 12th September 2012

London Stock Exchange welcomes CLS Holdings plc as a new issuer to its Order Book for Retail Bonds, with the launch of its 5.5% 2019 retail bond, which raised £65 million.

CLS Holdings plc (“CLS”) is a multi-national property investment company specialising in high yielding office property in London, France, Germany and Sweden. CLS  has been listed on the main market of the LSE since 1994 and has a market capitalisation of over £300 million. The funds raised will assist the company in its growth strategy with new property acquisitions and enhancing its existing portfolio. Currently CLS owns over £900 million of property, generating annual rents of over £66 million per annum. It is the top performing share by way of Total Shareholder Return in the UK listed real estate sector since the start of 2008. (source: Bloomberg).

The Chairman of CLS, Sten Mortstedt, said: “CLS’s bond issue has proved very successful and we are delighted that a large number of investors have shown great confidence in our Company.  Due to exceptional demand we were obliged to close subscriptions four days prior to schedule, as subscriptions already exceeded the initial target by almost 40 per cent.  This also led us to increase the size of the issue to £65 million from the initial objective of £50 million.”

Canaccord were the Lead Managers to the Issue, with Travers Smith and Linklaters providing legal advice.