Public Company Update: May 2019
Welcome to the May 2019 edition of our biannual Public Company Update, for directors and in-house counsel of quoted companies, nomads/brokers and sponsors, and other corporate finance professionals and intermediaries.
We have had a busy start to the year, supporting a range of transactions for companies across AIM and the Main Market. A particular highlight for the team was acting for advertising technologies platform provider Taptica International Ltd on its £136 million recommended all share offer for AIM listed RhythmOne plc. We were delighted to advise on this strategic takeover, having acted for Taptica (then named Marimedia) on its IPO on AIM in May 2014, and look forward to seeing the company continue to build on its success.
The team as a whole continues to see strong deal flow in M&A activity as well as primary and secondary fundraisings. We include four articles in this edition of our Public Comnpany update, which I hope you find both insightful and informative.
Mark Howard, Partner
Shareholder Rights Directive II: effective from 10 June
Unless a “no-deal” Brexit occurs before that date, the Government is set to transpose SRD II into UK legislation. Victoria Younghusband highlights two areas which affect companies admitted to listing on the Official List, the Specialist Fund Segment or High Growth Segment of the London Stock Exchange.
Points of practice: accelerated whitewashes
In this article, Mark Howard outlines some points of practice in relation to the accelerated procedure which is relevant to situations where a waiver is needed from an obligation to make a mandatory offer under Rule 9 as a result of the issue of new securities as consideration for an acquisition or a cash subscription.
An update on periodic financial information and inside information
Victoria Younghusband provides an update on the FCA's draft technical note and PMB no.23 feedback. In April 2019, the FCA published the final version and gave feedback on the consultation in the accompanying PMB 23.
Status update: The Prospectus Regulation 2017
Notwithstanding the uncertainty surrounding the timing and ultimate destination of Brexit, European legislation continues to apply to capital markets in the UK. The Prospectus Regulation 2017 is due to come fully into force from 21 July 2019 and will therefore apply to prospectuses vetted by the FCA. Paul Arathoon highlights four key further provisions.
Phase out of temporary restrictions on use of winding up petitions
Hannah takes a look at the recent UK Government announcement on statutory demands and the presentation of winding up petitions
Preparing your company for sale
We set out here some initial steps to consider in anticipation of a sale.
Overhaul of London's stock market listing regime set to significantly boost capital raising opportunities for founder led UK tech businesses
Charles Russell Speechlys advises discoverIE on its acquisition of Antenova
discoverIE is a leading international designer, manufacturer and supplier of customised electronics to industry.
Charles Russell Speechlys advises Acora on acquisition of Westgate IT
Westgate IT specialises in providing IT support to businesses in the South West.
Charles Russell Speechlys advises Grape Paradise on the acquisition of a fine wine business
Charles Russell Speechlys has advised Grape Paradise on the acquisition of the Sarment Group in the China Mainland territories.
Ongoing supply chain crisis looms large over upcoming allergen law change
The Business Magazine and The Surrey Chambers of Commerce report on the firm's involvement in the sale of Online Fuels Limited to DTN
The firm advised the shareholder management team on the sale of shares in Online Fuels to global data, analytics, and technology group, DTN.
Charles Russell Speechlys advises Appital Ltd on £2.5m Investment led by Frontline Ventures
Appital is an Equity Capital Marketplace which aims to bring innovation to Equity Capital Markets.
The Business Magazine, Insider Media, Business South and The Surrey Chambers of Commerce report on the firm's involvement in Appital's £2.5m growth capital investment
The injection will accelerate the development of Appital’s technology infrastructure, integration with financial institutions.
Healthcare team advises Country Court Care on £57m sale of three care homes
Country Court Care Group Ltd has been active almost 35 years as a nursing and care home operator.
Pei Li Kew
B[re]aking up is never easy... a lesson from the Oetker business split
Charles Russell Speechlys advises Metier on US$39m investment into Africa Mobile Networks
AMN builds, owns, operates and maintains mobile network infrastructure in Africa.
Charles Russell Speechlys advises Apposite Capital on acquisition of i2a Diagnostics
i2a is a leading provider of laboratory instruments, software and reagents for the clinical microbiology market in France.
Brace yourselves: dentists could be liable for actions of self-employed staff
Private companies and public interest – a new approach to corporate governance?
Is now the optimal time to sell your company?
Charles Russell Speechlys advises Duke Royalty on royalty financing agreement with Fairmed Healthcare AG
Duke Royalty is the leading provider of royalty finance to companies in the UK and Europe.
Charles Russell Speechlys shortlisted for Best EIS/SEIS Legal/Regulatory Adviser at 2021 EISA Awards
The Awards denote excellence and recognise the achievements of EIS/SEIS practitioners over the past year.
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.