Friday 02 October 2020
A new 'Guernsey Together Bond' is expected to be launched in January 2021, following a decision to appoint Ravenscroft to manage the launch of the bond and undertake all associated administration.
The proceeds of the Guernsey Together Bond will be used to fund the recovery action plan, a key part of the Revive and Thrive strategy.
In May 2020, the States resolved to "Authorise the Policy & Resources Committee in addition to raise up to £50,000,000 through an offer designed and constructed to be attractive to individual local investors."
Expressions of Interest and Proposals were invited from local institutions with the necessary capabilities and experience to put forward a potential solution which would be accessible to Islanders with moderate savings which they wish to invest safely for the longer term, as well as those who may be able to invest larger amounts.
It is planned that the main features and terms of the Bond will be publicised when agreed by the successor Policy & Resources Committee with it being formally launched in January with a prospectus and detailed information pack being made available to those interested in investing. It is anticipated that funds from investors would be called in the latter part of February 2021.
Ravenscroft will be undertaking an extensive marketing exercise in January 2021 and is committed to ensuring that the Bond is accessible to all potential investors. They will, if required, offer physical meetings as well as providing comprehensive details through the prospectus and information pack, a dedicated website, advertising and social media.
Policy & Resources Committee Vice-President, Deputy Lyndon Trott said:
"I'm very pleased at the progress made in getting the Guernsey Together Bond off the ground. We've talked about how as part of Revive and Thrive, we need to keep moving at 'COVID speed' and take steps like this quickly, and that's what we've done here. The funds raised through the proceeds of the Guernsey Together Bond will be of huge value in allowing us to make the investments in our Island that we'll need to deliver Revive and Thrive and build back to a position far better than where we would have seen ourselves as a community, pre-pandemic."
Jon Ravenscroft, Group CEO of Ravenscroft said:
"As a local investment company, Ravenscroft is privileged to have been selected by the States of Guernsey for the Guernsey Together Bond. We were founded in Guernsey, our company headquarters are here and we have, and will continue to have, deep rooted ties to the Island.
We are working hard to build a platform that will make the Guernsey Together Bond accessible to as many people as possible and are confident that the community spirit we all enjoyed during lockdown will mean that it is a huge success."