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.
Strategic Planning for Modern Landed Estates
The second in our series of articles on succession planning for landed estates covering a wide variety of matters.
Caroline Greenwell and Peter Carlyon write for New Law Journal on the issue of companies exaggerating their green credentials
The extent and impact of greenwashing by companies, the reputational damage where they’re caught out and potential regulatory action.
When can you set off claims against different elements of a project
The Court’s decision raises important drafting considerations for construction contracts involving multiple elements of a project.
Drafting terms and conditions or negotiating a contract? Be wary of "unusual" and "exorbitant" exclusion clauses
When drafting a set of terms and conditions, companies must adhere to the requirements contained in the Unfair Contract Terms Act 1977
Stop, collaborate and listen: Top 10 Tips with Collaboration Agreements
Providing you with the top ten tips on collaboration agreements - what should you know?
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.
ESG investment and the challenges for trustees
What challenges does the ESG revolution present for trustees of private family trusts?
The impact of COVID-19 on commercial and residential tenancies
What impact has COVID-19 had on commercial and residential tenancies? Read more here.
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.
Q&A: Separate blocks, common parts and enfranchisement
Miriam Seitler and Lauren Fraser answer queries relating to leaseholders seeking to acquire the freehold.
Coded messages for landlords and tenants
“What does the code of practice mean for landlords and tenants? Read more here”
The family court’s role in micro managing 'trivial' disputes
The recent decision has dealt with the family court’s role in micro managing “trivial” disputes in relation to children
Bart Peerless and Matthew Radcliffe write for eprivateclient on ESG investment and the challenges for trustees
What challenges does the ESG investment revolution present for trustees of private family trusts?
Taxing horizons and fiscal black holes
A super-massive black hole at the centre of the nation’s finances means that tax reform and rates rises look increasingly likely.
Charles Russell Speechlys advises Acora on acquisition of Westgate IT
Westgate IT specialises in providing IT support to businesses in the South West.
Q&A: Wrestling with restrictive covenants
Camilla Lamont (barrister at Landmark Chambers) and Real Estate Disputes Partner Emma Humphreys answer a pair of covenant queries
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.