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Public Company Update July 2015

31 July 2015

Welcome to the July edition of our biannual Public Company Update, aimed at directors and in-house counsel of quoted companies, nomads/brokers and sponsors, and other interested corporate finance professionals and intermediaries.

In this edition we take a look at significant legal developments over the past 6 months which we think you will want to be aware of. In addition, following a series of cash shell listings on the Standard segment of the Main Market, we also include an editorial which looks at the drivers of the trend and particular issues to look out for.

As long standing and active members of the QCA’s legal experts group, we are proud to have made a significant contribution to the QCA’s response to the Prospectus Directive consultation, which we cover in detail below.

We hope you enjoy this edition of our Public Company Update and find it informative. If you would like to know more, please contact me, the relevant author, or your usual contact in the Corporate team.

Company Law update

Abolition of bearer shares, delay to implementation of the restrictions on corporate directors and relevance of the PSC register to quoted companies.

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Prospectus Directive

Outline of QCA’s response to PD consultation.

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Takeover Code

Proposed amendments to the Takeover Code, including additional presumptions to the definition of acting in concert; treatment of dividends paid by an offeree company; and definition of voting rights.

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Big business and modern slavery: New requirements for organisations

The Modern Slavery Act 2015 (the “Act”) is a sweeping project to crack down on modern slavery practices, both within the EU and beyond. The Act comes into force in October 2015. All organisations would be advised to begin considering how they can achieve compliance with the Act.

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Cash Shells on the Standard segment

In 2010, the Listing Rules were amended to introduce a new “Standard” segment to the main market of the London Stock Exchange (LSE). This briefing examines the advantages of a Standard Listing for a cash shell and some associated issues.

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