Steamship Company chief executive, Stuart Reid

The Isles of Scilly Steamship Company has been admitted to the electronic trading platform Asset Match, which allows investors to buy and sell shares in the company.

Asset Match provides a market platform for existing Isles of Scilly Steamship Company shareholders to partially or fully realise the value of their share capital, and also facilitates the purchase of Isles of Scilly Steamship Company shares by new investors.

The Steamship Company provides lifeline passenger and freight services between the mainland and the Isles of Scilly by sea and by air and has around 250 staff. The company was formed by islanders in 1920 and celebrates its centenary this year.

In the year to March 31, the company achieved a pre-tax profit of just over £1 million on a turnover of £18.4 million.

Chief executive Stuart Reid said: “We are pleased to announce the appointment of Asset Match to provide a market platform for buying or selling Isles of Scilly Steamship Company shares.

“This will allow the company to provide consistent, structured liquidity for our shareholders in a dynamic, transparent and regulated environment.”

Asset Match is designed to enable companies to provide liquidity for shareholders, evolve their shareholder base and access new investors who can use the platform to acquire shares in profitable and growing private companies.

Shares are traded via the Asset Match website which brings together bids to buy shares and offers to sell in regular auctions where the share price is set.

The first Steamship Company share auction will take place October 29, with further auctions on November 26 and December 17.

The Steamship Company has more than 1.4 million ordinary shares held by around 850 shareholders, with the majority of shareholders located on the islands and in the south west.