Public Company update - May 2020
Welcome to the May 2020 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.
With the COVID-19 pandemic causing global disruption across all markets, it's no surprise that UK Markets are in a state of flux and government guidance is rapidly evolving as the future remains uncertain. In spite of this, we have seen unprecedented resilience and adaptability from UK businesses, and our Capital Markets team has continued to see a steady flow of transactional activity. For example, in March and April, the team advised on two transactions for tech companies - an illustration of the continued value of digital solutions in the current climate.
In March, we advised AIQ Ltd (a special purpose vehicle with a focus on the development and establishment of new technology) on its Main Market readmission and reverse takeover of AI codes. AI codes is a specialist information technology software designer and developer focused on the e-commerce sector.
In April, we advised Allenby Capital as nominated adviser and broker on AIM-listed ECSC Group’s placing. ECSC is a provider of cyber security services which has experienced continued organic growth, driven by market demand as a result of an increasing awareness of cyber security within corporate boardrooms. Andrew Collins, fellow Partner in our Capital Markets team, commented "it is heartening that even in these times of lock-down, the equity capital markets are still functioning, and companies are able to raise funds."
As a wider team, we continue to support entrepreneurs, management teams, growth companies and investors, helping them to navigate this new landscape with advice on a wide range of legal issues.
In this edition of our Public Company Update we include four articles including two providing useful legal insight following recent COVID-19 related guidance, applicable to listed companies and their advisers alike. I hope you enjoy the read.
Mark Howard, Corporate Partner
COVID-19: Cash conservation and dividend dilemmas
Following the publishing of ICSA’s guidance note on “Withdrawal or amendment of dividend resolution to AGM”, we discuss cash conservation and the note’s commentary on legal differences between dividends as well as payment options.
COVID-19: changes in UK insolvency law to protect businesses and directors
How is the proposal for reforms to UK insolvency law designed to protect companies and directors during the COVID-19?
Changes to the listing rules: disclosure of rights attached to equity shares
The FCA publish amended Handbook so that recent changes ensure holders and potential holders of listed securities have ready access to information in relation to the rights attached to them.
Points of practice – tips on FCA and LSE completion processes
We set out some key points of practice for advisers responsible for handling the FCA’s and LSE’s completion processes relating to securities issuance.
Our thinking
IBA Annual Conference
The IBA heads to Miami for its 2022 Annual Conference bringing together thousands hundreds of lawyers from around the world.
Andrew Collins
Charles Russell Speechlys advises Caretech Holdings PLC on its proposed £870.3 million take private
Charles Russell Speechlys is advising the independent board of Caretech Holdings PLC, in its take private sale to Amalfi Bidco Limited.
Jonathan Morley
Charles Russell Speechlys advising Battery Ventures on the sale of SPT Labtech for £650 million.
Battery Ventures has raised over $9 billion to invest in software and services, enterprise infrastructure, and much more around the world.
David Coates
Charles Russell Speechlys has advised long-standing client Stonegate on a series A investment into Peckwater Brands
Stonegate is one of the largest pub companies in the UK with a rich portfolio that covers over 4,500 sites.
Rebecca Burford
Charles Russell Speechlys acts on the sale of CAJ Mercian Holdings Limited
Mercian Logistics is an independent logistics business and services both businesses and private individuals
Mark Howard
Charles Russell Speechlys advises Content+Cloud on the acquisition of award-winning service provider Azzure IT
Content+Cloud continues its growth journey, this is our 7th successful transaction for them.
Pei Li Kew
Pei Li Kew writes for Pharmacy Business on the link between pharmacy and IP
Pei Li Kew writes for Pharmacy Business on the link between pharmacy and IP
Mark Howard
Charles Russell Speechlys advises Acora on its acquisition of Secrutiny
Charles Russell Speechlys advises Acora on its acquisition of Secrutiny
Nick White
Charles Russell Speechlys advises Symphony Holdings Limited on the sale of its PONY trade mark portfolio for USD $28 million
Charles Russell Speechlys advises Symphony Holdings Limited on the sale of its PONY trade mark portfolio for USD $28 million.
Simon Ridpath
Simon Ridpath featured in the Lawyer’s Hot 100 list
Simon Ridpath features in The Lawyer’s Hot 100 list
Mark Howard
Charles Russell Speechlys advises Europa Oil & Gas (Holdings) plc on its £7m equity fundraising
Europa Oil and Gas is a renewable energy, oil and gas development and production company.
Simon Green
International Bar Association quotes Simon Green on the future of the legal sector in Hong Kong
International Bar Association quote Simon Green on the future of Hong Kong's legal sector
Patrick Chan
Corporate Treasurer publishes Patrick Chan's comments regarding the No Consent Regime
Corporate Treasurer publishes Patrick Chan's comments on the No Consent Regime
Jamie Cartwright
Jamie Cartwright comments on the potential impact of the plastic packaging tax
Jamie Cartwright comments on the potential impact of the plastic packaging tax
Rebecca Burford
Charles Russell Speechlys partners with the Crafty Counsel community
Crafty Counsel brings together in-house legal professionals to share their experiences.
Jonathan Morley
International Business Reports reported on the firm’s involvement advising Battery Ventures on the sale of Forterro to Partners Group for €1 billion
The firm has advised global, technology-focused investment firm Battery Ventures on the sale of Forterro to Partners Group for €1 billion.
David Hicks
David Hicks quoted by FT Adviser on why Succession sold up to Aviva
David Hicks explains that private equity backers have a time horizon for their investments.
Sarah Wigington
How will the new Economic Crime Levy impact residential development joint ventures?
The Economic Crime (Transparency and Enforcement) Bill is being created through Parliament this month.
Jonathan Morley
Charles Russell Speechlys is advising Battery Ventures on the sale of Forterro to Partners Group for €1 billion.
Battery Ventures is a the global, technology-focused investment firm.
Mark Howard
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