12 February 2012

Axiom taking developer to PLUS

16/03/2010 Robert Tyerman

Cretan Group, with ambitious tourism projects in Crete, is poised for an introduction to PLUS-quoted.

Domiciled in Cyprus and headed by Greek entrepreneur George Vlamakis, Cretan, which claims to be the largest private owner of development land on the island of Crete, hopes to achieve an initial PLUS tag of £150 million, says David Sinclair of adviser Axiom Capital. He maintains the company has an enviable land bank for its projected hotels, villas and golf course development.

At the behest of the Financial Services Authority and PLUS, Golders Green-based Axiom, which was founded by Sinclair, recently strengthened its board by appointing as chairman Tony Drury, former head of investment concern St. Helen’s Capital. The company, which is sceptical about some of PLUS’s recent charging and regulatory changes, is pursuing an increasingly international policy.

Axiom has German deals in prospect and plans to help raise money for Chinese companies and float concerns on Wall Street via American Depositary Receipts, which escape the costly burden of the USA’s Sarbanes Oxley governance and accounting obligations. Axiom also hopes to bring to PLUS-quoted a Hong Kong investment group which specialises in preparing companies in the People’s Republic for listing.

Tags: Boardroom moves, New Issues, PLUS Markets

Sector: Real Estate

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