Travers Smith LLP has acted as counsel to Literacy Capital plc (the "Fund") in connection with its admission to trading on the Specialist Funds Segment of the London Stock Exchange.
The Fund is a closed-end investment company focused on investing in and supporting UK businesses and helping their management teams to achieve long-term success. It is also unique in that it is the only investment fund of its type to have been set up with a charitable objective. The Fund makes an annual donation equating to 0.9% of its net asset value each year with the aim of advancing education of children in the United Kingdom, in particular by promoting or supporting the development of literacy. Bookmark Reading Charity has benefited from the support of the Fund and has utilised that support in the development of a scalable technology solution to match community settings with reading helpers who support children struggling with literacy.
Admission to trading on the specialist funds segment of the Official List took place on 25 June 2021.
The Travers Smith team was led by Funds Partner Will Normand and also included Funds Associate Jake Fleming and Tax Partner Elena Rowlands.
Will Normand commented: "We are delighted to have worked with the Literacy Capital team on its admission to trading. It remains unusual to have an existing fund admitted to trading, but this transaction demonstrates the adaptability of the London listed funds market. We look forward to continuing work with the team as the portfolio develops."
In addition to the admission of Literacy Capital, Travers Smith has also acted on two further investment company IPOs in July 2021, namely advising Deutsche Bank and J.P. Morgan Cazenove on the IPO of Seraphim Space Investment Trust and Panmure Gordon on the IPO of HydrogenOne Capital Growth plc (both transactions led by Will Normand).