We act as Reporting Accountant for Majestic Corporation Plc
We have acted as Reporting Accountant for Majestic Corporation Plc on its stock market listing.
Our corporate finance team, included Craig Dallender and Jordan Ramsden with support from Anne Dwyer (Audit Partner), Laurance Parry (UK Tax Partner) and local assistance of Kreston CAC CPA Limited (Hong Kong member of Kreston Global).
Headquartered in Hong Kong and with operations around the world, Majestic Corporation Plc recycles precious and ferrous metals from obsolete mechanical and industrial machinery, redundant IT and electrical equipment, and metal residues from manufacturing processes.
Electronic waste is the fastest growing domestic waste stream fed by increased public consumption of electronics with short physical or brand life cycles often with limited or costly options for repair. The Global E-Waste Monitor report that the worldwide mountain of electronic and electrical equipment (WEEE) for recycling in 2021 would be circa 57.4 Mt and will reach 74 Mt per annum by 2030.
Much of this material goes un-recycled – only 17.4% of e-waste was documented as returning to the supply chain in some form in 2019. Yet precious metals and other high-value recoverable materials conservatively valued at US$57bn were mostly dumped or burned adding to landfill and pollution rather than being collected for treatment and reuse. The opportunity and value of recovery is substantial; the amount of recoverable gold in one tonne of discarded mobile phones is more than in a tonne of gold ore, with a lower capital expenditure for recovery.
Majestic Corporation Plc debuted on the Aquis Stock Exchange on 10 March. This listing is an important milestone for the business, enabling further growth and expansion of its services.
We are delighted to work alongside the Majestic team, Guild Financial Advisory and Punter Southall on this IPO and look forward to seeing Majestic go from strength-to-strength providing essential recycling services.
Whilst individuals in the Kreston Reeves team have collectively acted as Reporting Accountants on over 40 IPOs, this is a first for Kreston Reeves as a firm and a great demonstration of the strength and depth of the Corporate Finance team and the Kreston Global network. This has already attracted further IPOs with two live transactions and further listings in the pipeline.
The Aquis Stock Exchange is an attractive market for growing and earlier stage businesses to list, joining larger businesses that include Arsenal Football Club. It is a market that is gaining considerable interest from institutional investors, drawing in further businesses looking for their first listing.
Peter Lai, CEO, Majestic Corporation PLC, said: “The Kreston Reeves team provided essential Reporting Accountant services for the Majestic Corporation plc Listing. Their knowledge of and guidance through the process were instrumental in the timely and successful completion of the Listing. The team that was put together, which included Kreston CAC CPA Limited in Hong Kong, were extremely professional throughout and a pleasure to work with.”
For more information about the topic explored in this article, contact us here.
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