Iain Newman T + 44 (0)20 7524 6423
i.newman@nabarro.com
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Equity Capital Markets overview
Described by Chambers legal directory as "Achieves great things in an understated manner", our Equity Capital Markets Group regularly advises companies and institutions on: The team has a strong track record on all of these types of transactions including acting on numerous rights issues and public takeovers over the last year.
As the Group acts for a range of institutions (including Arbuthnot Securities, Brewin Dophin, Cannaccord, Cenkos, Collins Stewart, Investec Investment Banking, Lazard, Merchant John East, Numis Securities, Oriel Securities, Panmure Gordon), it is able to give the clients the benefit of experience from both sides of all types of Equity Capital Market transactions.
We are the leading UK advisers in relation to the UK REIT regime having advised four of the initial ten REIT conversions including, SEGRO, Great Portland Estates Plc, Land Securities plc and Primary Health Properties plc; the first new REIT flotation - Rugby Estates Investment Trust plc; the first secondary fundraising by a REIT - Primary Health Properties plc; the first hostile takeover offer for a REIT – Rugby Estates Investment Trust/Laxey Partners; and the first recommended offer for a REIT – Rugby Estates Investment Trust/ING, and the first conversion of an AIM property fund into a Main Market REIT - London & Stamford Property plc.
We have also developed a strong natural resources practice, advising in relation to flotations/fundraising by companies such as Bellzone Mining plc; Caledon Resources plc; Capital Drilling plc; Falkland Oil and Gas plc; Faroe Petroleum plc; JKX Oil and Gas plc; Nautical Petroleum plc and Ncondezi Coal Company Limited.
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 In 2010, the UKLA published a series of Technical Notes which were
intended to supersede List! issues 1 to 25. The aim was to consolidate
the guidance contained in List! over the years which remains valid and to
effectively delete out of date guidance. The Technical Notes are arranged
under key themes and topics. View full briefing |
The AIM Disciplinary Committee has issued the highest AIM fine, £600,000, to Regal Petroleum in a case which they have described as “unprecedented in terms of the seriousness of the rule breaches involved and the resultant market impact”. View full briefing |
Prospectus Regulation and the Credit Crunch.
Contributed by:
Alasdair Steele, Nabarro LLP.
The process by which companies can issue or sell shares or other securities to investors has long been regulated in the UK and EU. As a general rule, whenever shares or other securities are offered "to the public" or a company listed on an EU regulated market issues a certain number of new securities of a listed class, a prospectus, containing prescribed information, is required to be published. Immediately before and during the credit crunch, a number of companies prepared prospectuses which contained statements which ultimately turned out to be wrong in view of subsequent events. This article considers the effectiveness of prospectus regulation in the UK and EU generally, in light of the events that have occurred over the past 18 months. View full briefing |
AIM has issued its second public censure and fine of a Nomad over failings to perform its nomad duties. The 38 paragraph Disciplinary Notice cites a number of failings on the part of Astaire Securities (formerly Blue Oar Securities). View full briefing |
The London Stock Exchange has updated the AIM Rules for Companies with effect from 1 June 2009 to make the changes proposed in December 2008 relating to investing companies and mining, oil and gas companies. View full briefing |
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In December 2008, the UK Financial Services Authority (the "FSA") published Consultation Paper 08/21, a far-reaching consultation on proposed changes to the FSA's listing regime which governs the UK’s main market. The consultation paper followed a comprehensive review of the UK listing regime during which the FSA sought the views of market participants and other interested parties. In October 2009, the FSA published Consultation Paper 09/24, concluding the FSA's review and setting out changes to the UK listing regime which will take effect in April 2010. View full briefing |
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