20 Jul 2022
This briefing looks at the recommendations made by the UK Secondary Capital Raising Review for improving secondary (follow-on) equity fundraisings and what they would mean in practice for companies listed on the London Stock Exchange.
On 19 July 2022 the UK Secondary Capital Raising Review published its final report, which makes 21 recommendations designed to make it quicker and easier for listed companies to do a secondary (follow-on) equity fundraising. The recommendations are intended to represent broad consensus among exchanges, regulators, companies, investment banks, buy and sell-side investors, retail shareholder bodies and other market participants. They have been welcomed publicly by the Government, the FCA and the Pre-Emption Group. In order to balance the sometimes conflicting interests of market participants, the recommendations are presented as a package.
Implementing the recommendations will require co-ordinated steps to be taken by, among others, HM Treasury, BEIS, the FCA and the Pre-Emption Group. Some recommendations could be implemented within months; others will take much longer, particularly where primary legislation is required.
To read the full briefing please download the publication or click here.
This material is provided for general information only. It does not constitute legal or other professional advice.
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