Public Company Update - May 2018
Welcome to the May 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 look at recent key changes to the AIM rules, the Takeover Code and the UK’s merger review thresholds; we explore the new QCA corporate governance code; and we provide practical guidance on deemed delivery of notices for general meetings and sell downs of shares in public companies.
We have seen an increase in market activity over the last six months and have been delighted to act on a number of capital market and M&A transactions for companies across the premium, standard and specialist fund segments of the Main Market. Highlights have included acting for MayAir on its £50m recommended offer implemented by way of scheme of arrangement which completed in March. This exit transaction follows a listing of the company on AIM in 2015, on which we also advised. We have also seen a lot of activity in the investment trust sector, including a C share and ZDP offering for Chelverton Small Companies Dividend Trust plc in January, and acting for India Capital Growth Fund Limited on its move from AIM to the Main Market in January.
I very much hope you enjoy this edition and find it insightful and informative.
Mark Howard, Corporate Partner
Sell down of shares in listed companies
Significant shareholders in listed companies may wish to consider selling down all or part of their shareholding. We explain the pre-planning required to enable best execution and flexibility.
Deemed delivery of notice
Great care is needed in calculating the deemed service date when giving notice to shareholders of a GM/AGM.
Takeover Code amendments
What you need to know and how the new rules will change the takeover process in practice.
Key changes to the AIM Rules
Following the 2017 discussion paper and subsequent consultation on changes to the AIM Rules, the LSE has proceeded to make a number of changes.
Corporate Governance: one size does not fit all
We unpack the recent and impending developments in corporate governance codes.
UK Government to implement new reviewing mergers powers on national security grounds
The UK Government is to proceed with proposals to extend its powers to review mergers in certain key strategic sectors.
News & Insights
Market Abuse Regulation update: January 2021
We highlight the recent changes to the Market Abuse Regulation (MAR) .
FCA publishes listing rule on enhanced climate-related disclosures and clarifies existing obligations
Premium listed commercial companies should start addressing what they need to do to make the required disclosures in sufficient detail.
The Tech Entrepreneur’s Journey – Private Equity Buyouts
The third in a series of articles mapping out The Tech Entrepreneur’s Journey , this time exploring private equity buyouts.
Charles Russell Speechlys advises Daystar Power Group on USD $38m Series B investment
Continuing to assist Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa.