The Financial Conduct Authority has published its final changes to the Listing Rules in order to encourage SPACs (special purpose acquisition companies) to list on the London Stock Exchange. The new rules will come into force on 10 August 2021. The FCA consulted previously on the listing of SPACs, noting the need to balance investor … Continue Reading
Deal volumes over the past 18 months Looking back at IPO volumes in 2019 compared to 2018, we saw a 51% decrease in the aggregate number of IPOs across both the Main Market and AIM which is perhaps unsurprising given the uncertainty surrounding Brexit and concern stemming from global trade tensions.… Continue Reading
The Financial Conduct Authority has published a consultation paper on reforming the availability of information in the UK equity IPO process. In the FCA’s view, for too long information on companies about to float has been restricted to corporate finance advisory firms and investment bankers. By the time the prospectus is published, trading in the … Continue Reading
The Financial Conduct Authority has published a discussion paper on the availability of information during the UK equity IPO process. The FCA focuses on 2 key issues: the fact that in the vast majority of London IPOs (in the absence of a retail or other public offer) an approved prospectus is not published until immediately … Continue Reading
The Full Federal Court published its reasons for judgment in allowing an appeal in a securities class action, Caason Investments Pty Ltd & Anor v Simon Cao & Others NSD 269 of 2015 (“Caason”). Applicants can now plead market-based causation for claims for misstatements and omissions in an IPO and short form prospectus, as well … Continue Reading
Recent market activity: IPOs Kainos Group plc offer of existing shares and admission to premium listing and to trading on the Main Market of the London Stock Exchange. Sophos Group plc underwritten global offer of new and existing shares and admission to premium listing and to trading on the Main Market of the London Stock Exchange. … Continue Reading
The European Securities and Markets Authority has published its periodic report on statistical data regarding EEA prospectus activity during 2014. The report contains detailed information on, among other things, the structure and content of each prospectus approved during 2014 and looks at trends and certain comparisons with the previous year.… Continue Reading
A Financial Conduct Authority discussion paper sets out options for how the FCA should recover the costs it incurs when carrying out its duties as the UK Listing Authority. Comments by 1 April 2015. A copy of the discussion paper is available on the FCA’s website. (PDF)… Continue Reading
