Nick Leslau’s property shell, Max Property, floated on Vancouver London’s AIM market on Thursday and promptly popped to a 30 per cent premium to the 100p-a-share offer price.
Yes, the business was trading at a 30 per cent premium to its assets, which consist of cash – now that it has raised £200m from investors.
Morgan Stanley have worked together with…err… Oriel Securities to bring London its first float since the £600m Resolution listing back in December.
Oh, and there’s a joint listing on the Channel Islands Stock Exchange, with the shares gaining full admission on May 27.
What? You didn’t know there was a Channel Islands Stock Exchange?
Oh, yes. “CISX” lists over 3,000 securities – mainly eurobonds, structured debt, warrants and SPVs, worth a cool $17bn. Says the website blurb:
The CISX offers a personalised approach and fast track processing of listing applications within a highly regulated and innovative marketplace.
Anyway, back to Max Property…
The success of the float can be put down to the enthusiastic fan club backing Mr Leslau, who is promising to play a property investment-cycle put at 7.5 years.
He does, of course, have some impressive form — such as the float of Prestbury Group back in 1997, where NAV jumped 150 per cent in the space of two years.
He also has less impressive form, such as the clown Knutsford venture in the autumn of 1999. Along with his close associate Nigel Wray, and friends Archie Norman and Julian Richer, Mr Leslau showed how to turn £5m into £600m and then back again before the whole venture dissolved into the dot.comedy collapse.
At the time, there was a famous photo of this “Awesome Foursome” doing the rounds. If anyone has a copy, do share…
Related links:
Nick Leslau: ‘I’m rich, but does anyone like me?‘ – Telegraph from last summer
Interview with Nick Leslau – Mishcon de Reya