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
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.
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.
UK SPACs: could changes to the UK Listing Rules spark an increase?
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.
IBA Annual Conference
The IBA heads to Miami for its 2022 Annual Conference bringing together thousands hundreds of lawyers from around the world.
Joint Venture Opportunities
Join our panel where we will discuss various topics including Joint Venture structuring and Partner procurement.
Mind your business: Safeguarding your business against loss of mental capacity
Practical considerations to safeguard your business against loss of mental capacity.
PART 36— A move towards greater flexibility?
Discussing the possibility of the Part 36 regime opening up with recent developments.
FT Wealth quotes Sarah Anticoni on forum shopping
"Being the first to file for divorce is not a foolproof way of securing an English hearing"
What can UK investors interested in Life Sciences learn from their more experienced, including US, counterparts?
The recent tie-up between Canary Wharf and Kadans demonstrates the enthusiasm to access the lucrative UK life sciences market.
The hurdles in establishing retrospective validation of post-petition dispositions
A discussion on the key takeaways from ICC Judge Barbers recent case ruling.
Helen Coward writes for Tax Journal on the main purpose test for SDLT group relief
Mainly ignored? The main purpose test for SDLT group relief
The Ayes have it - Collateral Warranties can be a ‘Construction Contract’
The Court of Appeal handed down its judgment in the case of Abbey Healthcare (Mill Hill) Limited v Simply Construct (UK) LLP
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.
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.
Windrush Day 2022 – supporting access to justice
Charles Russell Speechlys is proud to continue supporting survivors of the Windrush scandal in their fight for justice.
The Leasehold Reform (Ground Rent) Act 2022: Landlords and developers beware serious sanctions for non-compliance
The Leasehold Reform (Ground Rent) Act 2022 received Royal Assent on 8 February 2022 and will come into force on 30 June 2022.
EG quotes Emma Preece on the Picturehouse and BNY Mellon rent arrears cases
“The case is being closely watched by landlords and tenants alike as the impact of the pandemic lives on in the commercial property sector”
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.
Pro bono support for major office premises move for charity in Stoke-on-Trent
Emmaus entities provide safe homes, community support and meaningful work to formerly homeless people across the UK.
Reporting Restriction Order (reprised) - "Where there is no publicity there is no justice."
Financier Worldwide quotes Rachel Warren on the UK’s Economic Crime Act
Evaluating the UK’s Economic Crime Act
Julia Cox and Felicity Chapman write for International Adviser on the rise of pre-nups in the UK
Julia Cox and Felicity Chapman write for International Adviser on the rise of pre-nups
Property Patter: Reasonable Endeavours
What does it mean to use ‘best’, ‘all’ or ‘reasonable’ endeavours?