Charles Russell Speechlys LLP advised Tier One Capital Limited as investment adviser on the admission of TOC Property Backed Lending Trust plc to the Main Market of the London Stock Exchange. TOC raised £17.3 million through the issue.

TOC is a newly incorporated closed-end investment company whose investment objective is to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term.

The proceeds of the Placing receivable by the Company will assist the funding of TOC’s share issuance programme which was launched to achieve the Company’s investment objective. The Placing has also enabled the Company to acquire, by way of novation, an initial portfolio of 10 loans. The Directors also believe that Admission will, amongst other things, increase tax efficiency and evolve the Investment Adviser’s direct lending proposition.

Tier One Capital Limited was launched by former Barclays Wealth and Coutts & Co directors Stephen Black and Ian McElroy in early 2013. Tier One has developed a direct lending offering that provides an opportunity which sits between conventional lending and the emerging peer-to-peer platform market. The Charles Russell Speechlys team was led by Andrew Collins. finnCap Ltd acted as sponsor, financial adviser and broker.