Conyers Advises HKT On Hong Kong Listing
Tuesday, October 2, 2012
Offshore law firm, Conyers Dill and Pearman has advised on a cross-border deal
involving the listing of HKT Limited's shares on the Hong Kong Stock Exchange.
The shares of HKT Limited, a Cayman Island company with British Virgin Islands
subsidiaries, were stapled to and listed along with the units of HKT Trust on
the Hong Kong exchange. HKT Trust and HKT Limited trade together as a stapled
Christopher Bickley and Richard Hall of Conyers Dill & Pearman acted as
the British Virgin Islands and Cayman Islands counsel on the listing of the
share stapled units issued by HKT Trust and HKT Limited on the SEHK by way of
Global offering. Other firms involved included Reed Smith Richards Butler, Freshfields
Bruckhaus Deringer and King & Wood Mallesons. In recognition of the innovative
deal, the firms recently received Equity Market Deal of the Year at The Macallan
ALB Hong Kong Law Award 2012.
Last year, HKT Trust, which provides telecommunications products and services
in Hong Kong, became the the first single investment trust to list in Hong Kong.
Conyers Dill and Pearman said that the use of the innovative trust structure
was designed to meet the commercial objectives of the issuer and allow the HKT
group to focus principally on distributions, as distinct from other listed issuers
on the exchange. The trust structure and associated arrangements, including
the role of the trustee manager in managing the trust and the issue of share
stapled units, should also provide investors with all the protections generally
available to holders of shares under applicable laws, rules and codes in Hong
Kong, whilst keeping the flexibility of the trust structure, the firm said.