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.
News & Insights
Charles Russell Speechlys advises Oracle Power plc on £46.5m placing and subscription deed
Oracle Power PLC is a UK based company involved in the exploration for and development of coal in Pakistan.
COVID-19 update: Companies House filings
New regulations were launched on 26 June that will temporarily extend the various filing deadlines for companies.
Government provides welcome clarity for EMI option holders who have been furloughed
The proposed amendments will provide some clarity and address concerns regarding the consequences of furloughing EMI option holders.