Expert Insights

Expert Insights

Public Company Update - May 2021

Welcome to the May 2021 edition of our biannual Public Company Update, for directors and inhouse counsel of quoted companies, nomads/brokers and sponsors, and other corporate finance professionals and intermediaries.

With successful vaccine programmes rolling out across the globe, and economic recovery on the horizon, the first few months of 2021 have seen fresh momentum and confidence in the markets, with the expectation of
increased future activity. Our Capital Markets team has been supporting clients as they continue to adapt and innovate, both domestically and internationally, to futureproof their businesses and market position.

In January, we hosted our annual AIM seminar virtually with guest speakers Marcus Stuttard (Head of AIM) and David Horner (Managing Director at Chelverton Asset Management Limited) joining our capital markets panel. We also hosted a virtual roundtable in March, focussing on listing in London for Hong Kong and Asian companies and investors. Victoria Younghusband and Andrew Collins were joined by guest speakers Tom Attenborough (Head of International Business Development, Primary Markets) and Jon Edwards (Head of Primary Markets, Asia) from the London Stock Exchange and Giles Rolls from finnCap, with the session moderated by Julia Charlton, founder of Hong Kong boutique corporate finance law firm, Charltons. The webinar is available on the LSE’s Spark Issue services hub here.

Work highlights for our team have included advising Shore Capital as nominated adviser, broker and bookrunner on a £56.5m fundraising for Lloyds investment company Helios Underwriting Plc, N+1 Singer as nomad and broker on a £10m capital return to the shareholders of Zytronic plc and Avation plc on its £7.5m secondary placing. We were also delighted to advise Tamesis Partners LLP, Ashanti Capital Pty Ltd and Shard Capital Partners LLP as joint brokers to Trident Royalties plc, the growth focused mining royalty and streaming company, in connection with a £20.2m placing and subscription for new Ordinary Shares.

As a wider team, we continue to work with entrepreneurs, management teams, growth companies and investors, supporting them on a wide range of legal issues, both transactional and advisory.

I hope you enjoy this edition of our Public Company Update.

Mark Howard, Corporate Partner

Proposed Takeover Code Amendments – Key Changes

James Scott and Andrew Collins give a highlevel review of the key changes coming into force on 5 July 2021.

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Dual class share structures: how do they work and what are the pros and cons?

In his recent Listing Review, Lord Hill recommended that the listing rules applicable to the premium segment be amended to permit dual class share structures. Mark Howard takes a closer look.

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National Security and Investment Act granted Royal Assent

Paul Stone explores the new powers that the Act will extend to the UK Government, and what type of transactions this will affect.

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UK SPACs: could changes to the UK Listing Rules spark an increase?

SPAC listing popularity has increased. Chris Putt and Giulia Brunello analyse whether the UK could be the next hotspot following proposed changes to
the Listing Rules.

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ESG – Searching for substance behind the acronym

Environmental and societal goals can and should relate to and enhance a company’s business plan and commercial success. We have partnered with investor services group IQEQ to produce a white paper looking at the impact of ESG on businesses, investments and stakeholder relationships.

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