Conyers Dill & Pearman (“Conyers”) provided Cayman Islands legal advice to United Cacao Limited SEZC (the “Company”), an exempted company incorporated and registered as a special economic zone company, on the admission of the entire issued and to be issued share capital of the Company to trading on the AIM market operated by London Stock Exchange plc (the “Admission”) and the related private placement of shares by the Company. The Admission represents the first listing of a Cayman Islands special economic zone company on the London Stock Exchange.
Conyers initially advised the Company on re-registering as a special economic zone company in the Cayman Islands, which permits the Company to operate out of the special economic zone in the Cayman Islands and thereby receive certain economical, logistical, administrative and other benefits, and subsequently on all Cayman Islands aspects of the Admission. The Company was licensed by the Special Economic Zone Authority to carry on special economic zone business in both the Cayman Commodities and Derivatives Park (“CDDP”) and the Cayman Outsource Park (“COP”) on 28 April 2014. The CDDP is a multi-commodities and derivatives centre in the Cayman Islands which includes a fully electronic trading platform with associated member exchange services, including full clearing and settlement services. The COP enables the Company to set-up head office and management operations in the Cayman Islands.
The Company is the holding company for Cacao del Peru Norte SAC (“CDPN”), the Company’s wholly-owned Peruvian operating subsidiary. The group seeks to be the world’s largest and lowest cost corporate grower of cacao by the end of 2016.
Richard Fear, Partner, and Jonathan McLean, Associate, of Conyers’ advised on the matter working alongside Gowlings (UK) LLP, solicitors to the Company in the United Kingdom and Rodrigo, Elias & Medrano Abogados S.Civil.de R.L., solicitors to the Company in Peru.