An island registered investment company pursuing broadband growth has floated on one of the London capital markets.

SAPO plc - formerly South African Property Opportunities - placed 29 million ordinary shares at a penny each, for trading on the NEX Exchange Growth Market.

SAPO is listed in the island’s companies registry as based at Millennium House, Athol Street, Douglas.

But the company has no local employees.

The company’s administrative services are carried out on its behalf by a corporate service provider called Mainstream Fund Services (IoM) Ltd, which is also based at Millennium House.

SAPO was advised in the listing by Axiom Stone Solicitors, a business law firm based in Mayfair, Edgware and Birmingham.

A spokesman for the law firm said the share issue marks a ’significant change of strategy for SAPO which previously achieved capital growth by managing a property portfolio including the sale of real estate assets in South Africa’.

In 2018, spotting a gap in the market, the company switched direction to focus investment in the developing market for rural broadband.

As a result, SAPO decided to submit its shares for admission on the NEX Exchange in a move to provide access to funding, increase its profile and improve its negotiating position.

Axiom Stone’s corporate department led the verification process which included a review of the admission document and drafted key documents for the company including the verification notes, directors’ memorandum and lock in agreements.

It also acted as the intermediary between the various parties working on the listing to bring together the expertise necessary for a successful admission.

Michael Mayer, SAPO executive chairman, said: ’We are delighted with the service that Axiom Stone’s corporate department provided.’

Axiom Stone partner Claudine Lawrence, head of corporate, said: ’We were very pleased to act on behalf of SAPO as it successfully completed its listing.

’The shares were admitted to the NEX Exchange Growth Market and we wish the company great success as it pursues its exciting new strategy.’

Located in the City of London, the NEX Exchange says it is the ’stock market for ambitious, growth enterprises’.