Public Company Update: Winter 2021
Welcome to the Winter 2021 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.
Following the frenetic pace of market activity in the first half of 2021 the second half of the year has continued to see robust activity, both in the UK and other international markets. We have also seen significant legal and regulatory developments with proposals to reform the UK Listing Rules and the UK Prospectus Rules being consulted on or introduced - more detail on these developments is contained in our articles below.
Since my article below on proposals to overhaul the Listing Rules was prepared, I am pleased to report that rule changes have now been implemented with effect from 3 December 2021. In particular, targeted and time limited dual class structures are now permitted, and the free float requirement has been reduced from 25% to 10%. As a counterbalance, the minimum market capitalization threshold has been increased, not to £50 million as initially proposed during consultation, but to a more sensible £30 million given the commercial objective of attracting fast-growing technology and life sciences companies.
Throughout the year Environmental, Social and Governance (ESG) issues have been at the top of the agenda for many of our clients. There is also increased regulatory focus on how quoted companies are meeting their
ESG obligations, whilst investors are assessing ESG performance when making decisions about where to invest their funds. We have included two articles in this Update looking at the changing ESG landscape and the focus on transparent reporting of diversity and inclusion data by public companies. 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 and have a safe and relaxing festive season.
Mark Howard, Corporate partner
Reform of the UK Prospectus Regime
Chris Putt assesses the key areas of HM Treasury's consultation on reforming the UK Prospectus Regime. The consultation closed in September and HM Treasury is currently analysing feedback received.
Overhaul of UK Listings Regime
In November 2020 the Government kicked-off a review of the UK's Listings Regime. The review is an opportunity to boost the UK's reputation as the destination of choice for high growth private companies. Mark Howard takes a closer look.
Power to block listings on national security grounds
Paul Stone reviews the Government's consultation on proposed new powers to block company listings on national security grounds.
ESG - do your priorities need to change with a changing landscape?
Victoria Younghusband's article takes a look at the forthcoming legislation and other ESG focussed initiatives that will impact public and quoted companies.
Diversity and Inclusion: Clear transparency?
David Hicks analyses the FCA's Consultation Paper on diversity and inclusion on company boards and executive committees.
Our thinking
Sarah Rowley
Charity Training series: Session 2
Join us for the second session in our Charity Training series where we will cover training for Charity Trustees and Senior Executives.
Sarah Rowley
Charity Training series: Session 1
Join us for the first session in our Charity Training series where we will discuss ESG for Charities.
Charlotte Posnansky
VV v VV - Just 5 months of marriage and the most expensive train ticket ever?
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.
Dominic Lawrance
Dominic Lawrance talks to Spear's Magazine about UK cryptocurrency tax
What HNWs should know about UK cryptocurrency tax
Sarah Keens
Being Green - The Struggle for Power
Everything you need to know about Green Leases
Rose Carey
Is the UK open for business? A discussion with the Home Office
We hosted an immigration webinar with the policymakers from the Home Office.
Louise Ward
Louise Ward writes for EG on what UK investors can gain from an overseas life sciences partner
What UK investors can gain from an overseas life sciences partner
Sonia Kenawy
Sonia Kenawy writes for New Law Journal on cryptocurrency and security for costs
Sonia Kenawy writes for New Law Journal on cryptocurrency and security for costs
David Haines
New Arbitration Scheme for Commercial Arrears goes live
Everything you need to know about the new Arbitration Scheme for Commercial Arrears
Charlotte Healy
Charlotte Healy and Katie Bewick write for Pharmacy Business on expert determination
Charlotte Healy and Katie Bewick write for Pharmacy Business on expert determination
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
Charlotte Duly
Charlotte Duly writes for CITMA Review on the China Tang trade mark infringement case
Charlotte Duly writes for CITMA Review on the China Tang trade mark infringement case
Mark Howard
Charles Russell Speechlys advises Acora on its acquisition of Secrutiny
Charles Russell Speechlys advises Acora on its acquisition of Secrutiny
Oliver Park
Building Safety Act 2022
Everything you need to know about the Building Safety Act 2022
Jonathan McDonald
Jonathan McDonald provides comment for City AM on the Data Reform Bill announced in the Queen's Speech
Jonathan McDonald provides comment for City AM on the Data Reform Bill announced in the Queen's Speech
Claire Fallows
CoStar quotes Claire Fallows on the new infrastructure levy announced in the Queen's Speech
CoStar quotes Claire Fallows on the new infrastructure levy announced in the Queen's Speech
Charlotte Posnansky
Depp v Heard - will transparency in the English family court increase public confidence or feed the insatiably prurient public appetite?
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.
Hope Wilson
Hope Wilson writes for the EG Legal Q&A on qualifying criteria
Hope Wilson writes for the EG Legal Q&A on qualifying criteria