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16 June 2017

Public Company Update - June 2017

Welcome to the June 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.

We have been very busy over the last six months acting on a number of IPOs, as well as a series of placings across AIM and across the premium, standard and specialist fund segments of the Main Market.  Further detail on our recent activity can be found here.  We are also delighted to report that the team has increased our ranking in a number of areas within the Adviser Rankings guides. We are ranked in a number of different tables including equal sixth for total number of AIM clients in the AIM Adviser Rankings Guide – April 2017 equal 15th for the total number of Stock Market clients. The guide ranks all advisors by total number of AIM, Main Market and FTSE clients.

On 26 April we hosted a very informative roundtable looking at the practical issues of MAR implementation, 9 months on. Please click here to launch our dedicated MAR webpage, where you will also find a copy of the slides from the roundtable presented by Victoria Younghusband and Paul Arathoon.

Finally, I am delighted to report that Andrew Collins has been appointed the head of the Capital Markets team. 

I very much hope you enjoy this edition of our Public Company Update and find it informative.

If you would like to know more, please contact Mark Howard on +44 (0)20 7203 8902 or, the relevant author, or your usual contact in the Corporate team.

Corporate Governance update

There has been a lot of activity (at least on paper) in the ‘corporate governance’ arena over recent months. We draw out key and recurring themes, which are also featuring in election manifestos ahead of the General Election on 8 June.

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Electronic Meetings – holding a virtual AGM  

Companies incorporated in the UK have been able to hold virtual meetings since August 2009 However, until recently it has not been used. We run through the potential benefits and pitfalls here.

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Dee Valley – Implications for Schemes and Shareholder Meetings  

The recent case of Re Dee Valley Group plc [2017] EWCH 184 (Ch) has raised some interesting implications for the use of Schemes of Arrangement in Takeover Offers.  

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Upcoming changes announced by the FCA  

Victoria Younghusband provides an update on some of the upcoming changes announced by the FCA, including the New Form TR-1, the Prospectus Regulation and mandatory LEIs for Main Market issuers. 

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Changing PSC regime taking AIM  

It is expected that, from 26 June 2017, changes being made to the UK’s ‘People with Significant Control’ regime (PSC regime) to comply with the European Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) will mean that: the current exemption that applies to companies traded on AIM will fall away; and all companies subject to the regime will have to provide updates to Companies House differently and more frequently. 

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The FCA’s review of the effectiveness of the UK’s primary markets and proposed enhancements to the Listing Rule  

We provide an overview of the FCA’s wide ranging discussion paper (DP17/2) on the effectiveness of the UK’s primary markets and the key specific changes proposed in its February consultation paper (CP 17/4)..   

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