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On 3 March 2021, the UK Government published the results of the UK Listing Review, a wide-ranging analysis of the state of the UK’s public markets carried out by Lord Hill following market consultation. The UK Listing Review proposes a broad set of ambitious recommendations designed to maintain London’s competitiveness among the world’s pre-eminent stock exchanges, including:

  • a comprehensive review and overhaul of the UK’s prospectus regime to simplify the content of prospectuses and better tailor prospectus requirements to the nature of the capital raising transaction, while encouraging more useful disclosure for investors, including the provision of more meaningful forward-looking financial information;
  • removing potential barriers to listing on the London markets, including allowing dual class share structures on the Premium segment of the Official List, modifying the free float requirements and rebranding and re-positioning the Standard segment of the Official List; and
  • making changes to certain rules applying to Special Purpose Acquisition Companies (SPACs) in an attempt to encourage more such vehicles to list in London.

The UK Government has announced that it welcomes the recommendations of the UK Listing Review as it seeks to capitalize on the UK’s post-Brexit ability to determine more of its own regulatory standards and counter perceptions that London was at risk of becoming a less attractive listing venue for global companies.

Please click here to read our review and analysis of the UK Listing Review.

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Photo of Andrew Caunt Andrew Caunt

Andrew Caunt is experienced in advising issuers and underwriters in capital markets transactions with particular emphasis on equity offerings across both developed and emerging markets. Andrew’s experience includes IPOs on the main market of the London Stock Exchange and AIM as well as…

Andrew Caunt is experienced in advising issuers and underwriters in capital markets transactions with particular emphasis on equity offerings across both developed and emerging markets. Andrew’s experience includes IPOs on the main market of the London Stock Exchange and AIM as well as other stock exchanges throughout the world, secondary offerings, private placements (including into the United States under Rule 144A) and quick to market transactions.

The Chambers UK Guide 2017 describes him as “legally and commercially very astute,” as well as “extremely responsive.”

Photo of James Mountain James Mountain

James Mountain is experienced in advising issuers and underwriters in capital markets transactions, with particular emphasis on equity offerings across both developed and emerging markets. James’ experience includes IPOs on the main market of the London Stock Exchange and AIM as well as…

James Mountain is experienced in advising issuers and underwriters in capital markets transactions, with particular emphasis on equity offerings across both developed and emerging markets. James’ experience includes IPOs on the main market of the London Stock Exchange and AIM as well as other stock exchanges throughout the world, secondary offerings, private placements (including into the United States under Rule 144A) and quick-to-market transactions. James has also worked on secondment at a major international investment bank and a FTSE 100 company.

Photo of Dorothee Fischer-Appelt Dorothee Fischer-Appelt

Dorothee Fischer-Appelt is a New York and English-qualified shareholder with 20 years’ experience in international capital markets and M&A transactions. She represents companies, financial institutions and selling shareholders in connection with international equity and debt capital markets transactions, including IPOs, secondary equity offerings,

Dorothee Fischer-Appelt is a New York and English-qualified shareholder with 20 years’ experience in international capital markets and M&A transactions. She represents companies, financial institutions and selling shareholders in connection with international equity and debt capital markets transactions, including IPOs, secondary equity offerings, structured equity offerings, convertibles, warrants, block trades, high yield offerings, Rule 144A debt offerings, covered bonds, exchange offers and consent solicitations.

Dorothee practiced with a leading firm in New York from 1997-2003 before re-locating to London and worked on numerous SEC-registered equity and debt offerings during that time and counselled several large U.S. companies on their ongoing reporting obligations. She is also experienced advising on M&A transactions and finance related restructurings. She advises clients from a broad range of industries, including banking and insurance, life sciences, real estate and industrials. She has been practicing as a partner since 2006. Her recent experience includes:

  • Representing Citigroup International and Raiffeisenbank International AG on the $500 million debut issuance of 7.125% notes of the Republic of Tajikistan.
  • Representing Nomad Foods Limited, the NYSE-listed parent company of the Birds Eye, Iglo and Findus companies, on a EUR 400 million offering of high yield senior secured notes listed on the Luxembourg Stock Exchange in May 2017.
  • Representing Alior Bank on its Rule 144A rights offering on the Warsaw Stock Exchange to finance the acquisition of BPH’s core banking business from GE in June 2016.
  • Representing the German Pfleiderer Group on its re-IPO on the Warsaw Stock Exchange, involving a complex corporate reorganization and high yield note consent solicitation in January 2016.
Photo of Patrick G. Lilly ‡ Patrick G. Lilly ‡

Patrick Lilly has broad experience across a wide variety of corporate finance transactions, including advising on mergers and acquisitions, securities offerings, takeovers, joint ventures, and general corporate matters. He has particular experience in equity capital markets transactions and was seconded to the legal…

Patrick Lilly has broad experience across a wide variety of corporate finance transactions, including advising on mergers and acquisitions, securities offerings, takeovers, joint ventures, and general corporate matters. He has particular experience in equity capital markets transactions and was seconded to the legal team of Numis Securities, a leading London investment bank. Patrick has worked on transactions in various sectors, including financial services, real estate, and natural resources.

‡ Admitted in New Zealand. Not qualified in England and Wales.