Public Company update - November 2018
Welcome to the November edition of our biannual Public Company Update, aimed at directors and in-house counsel of quoted companies, nomads/brokers and sponsors, and other corporate finance professionals and intermediaries.
Over the past six months we have been busy on a range of transactions for companies across AIM and the Main Market. A particular highlight for the team was the IPO and admission to AIM in June of egg free, fresh cream cakes retailer Cake Box Holdings plc, with the founder shareholders selling 41% of the business to institutional investors. Launched in East London in 2008, the business has grown to have an estate of more than 100 stores and is currently targeting a further 250 franchise stores. We were delighted to have advised this exciting growth company on its successful IPO.
The team as a whole continues to see strong interest in M&A activity and with this in mind we include in this edition an article on the UK Government’s proposed further powers on reviewing mergers and other investments on national security grounds. And with Brexit fast approaching, it would be remiss of us not to consider how the UK’s Equity Capital Markets could be affected. I very much hope you find these articles, and the rest of this November edition, insightful and informative.
Mark Howard, Partner
Equity capital markets and brexit: business as usual?
We consider how ECM could be affected by the UK's impending departure from the EU.
Periodic financial information and inside information
The FCA published a revised draft Technical Note on the requirement to disclose inside information under the Market Abuse Regulation.
UK Government proposes further powers for reviewing mergers and other investments on national security grounds
The UK Government has announced a consultation on proposals to implement a new regime for reviewing mergers and other investments on national security grounds.
Governance within FCA regulated firms
We highlight the impact that the FCA’s approach to culture and governance has in our work on governance with our regulated clients.
Entrepreneurs’ relief: Relief for gains arising before a dilution event
Helen Coward picks out key highlights from the draft legislation for the 18/19 Finance Bill on changes to Entrepreneurs’ Relief.
Our thinking
Kelvin Tanner
Sponsor Licence Compliance: Key considerations & how to be audit ready
Join us for the third in our series of mini webinars on post Brexit immigration about sponsor licence compliance.
Mark Howard
Dual class share structures: how do they work and what are the pros and cons?
Dual class share structures allow a shareholder, for example the founder, to retain voting control over a company.
Nick Hurley
COVID-19 Vaccination – can an employer make it compulsory for employees?
We review what legal issues to take into account when considering to make vaccination compulsory as an employer.
Kerry Stares
The Lawyer, New Law Journal, International Adviser, CDR Magazine and eprivateclient report on the firm's partner promotions
Charles Russell Speechlys promoted five lawyers to partner, effective 1 May 2021.
Michael Powner
Linking ESG and Executive Pay
How does a business go about embedding a focus on strong ESG performance into the structures and culture of its organisation?
Paul Stone
National Security and Investment Act granted Royal Assent
The Act establishes a new regime for the review of mergers, acquisitions and other transactions that could threaten national security.
Andrew Clarke
Charles Russell Speechlys advises Waverton on acquisition of Cornerstone Asset Management
Established in July 2010 and with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice.
Simon Ridpath
Charles Russell Speechlys promotes five to Partner
The promotions are effective 1 May 2021 and are accompanied by one Legal Director and 15 Senior Associate promotions.
James Scott
Proposed Takeover Code Amendments – Key Changes
The Consultation Paper has now been followed by a corresponding response paper which made certain modifications to the initial proposals.
James Broadhurst
Charles Russell Speechlys advises Fudco Partnership on sale to Exponent-backed Vibrant Foods
Fudco is a family-owned business selling South Asian ethnic foods in UK and Europe.
William Nash
Charles Russell Speechlys advises Polar Technology on investment by BGF
Polar Technology Management Group is a holding company for engineering businesses operating at the leading edge of technology.
William Reichert
Use and Regulation of Renewable Energy Certificates in the UAE
The market for trading in renewable energy certificates is set to increase in both visibility and importance.
Helen Coward
Odey and Hffx: partnerships with mixed membership
Examining two decisions relating to remuneration arrangements in partnerships with individual and corporate membership.
David Coates
Charles Russell Speechlys advises shareholders of Modern Networks on sale to Horizon Capital
Modern Networks is a leading provider of IT support, broadband and telecoms managed services to the UK’s commercial property sector.
Patrick Gearon FCIArb
Insolvency Legislation in the GCC
The interesting times of the last 14 months were preceded by the interesting times of the financial crisis of 2008/2009.
Paul Arathoon
Charles Russell Speechlys advises on Trident Royalties’ US$28m Placing
Trident Royalties plc is a growth-focused mining royalty and streaming company.
Paul Arathoon
Charles Russell Speechlys advises Avation plc on £7.5m secondary placing
Headquartered in Singapore, Avation plc manages a fleet of aircraft which it leases to airlines across the world.
Martin Wright
The Corporate team's involvement in Fishawack Health’s acquisition of PRMA featured in Yahoo! Finance USA, Markets Insider and Morning Star
Martin Wright and the Corporate team provided legal support on the acquisition of PRMA Consulting.
Adrian Mayer
Charles Russell Speechlys, Strategic Partners of the Asoko Insight West Africa's Family-Owned Business Report
The report is the most comprehensive study of Family-Owned Businesses throughout West Africa.
Jessica Arrol
Jessica Arrol quoted by Real Deals on the implementation of SFDR
SFDR aims to remove greenwashing and promote transparency in reporting ESG, but GPs and LPs are experiencing its flaws.