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Mayer Brown

Faqs – What US Clients Need to Know About PISCES – a New Secondary Private Stock Market in the UK

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WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

Mayer Brown

FAQs – What US Clients Need to Know About PISCES – A New Secondary Private Stock Market in the UK

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WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Latham & Watkins LLP

Digitisation Taskforce Unveils the End of Paper Share Certificates

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Final report recommends the digitisation of UK shareholdings through a fully intermediated system of shareholding, with an interim phase of digitised share registers....more

Walkers

Advantages of Jersey and Guernsey companies as UK Qualified Asset Holding Companies (QAHCs)

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On 1 April 2022, the UK introduced a new tax advantaged corporate structure, a "qualifying asset holding company" ("QAHC"), which benefits from a number of UK tax breaks. A crucial requirement for QAHC eligibility is that...more

A&O Shearman

UK public M&A – return of share-for-share offers

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In 2024 we have seen a significant increase in listed corporate bidders offering their equity to target company shareholders in UK public M&A deals, including on offers made by non-UK listed companies. In the year to date,...more

Latham & Watkins LLP

Navigating the Rise of UK Class Actions Implications for Private Equity

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As collective redress actions rise, sponsor and corporate statements are under high scrutiny, with an industry developing to take advantage....more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

White & Case LLP

Changes ahead: London market is ready for reform

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Along with other stock exchanges across the world, the London Stock Exchange (LSE) had a challenging 2023, recording only 23 new listings with a total value of less than US$1 billion. This represented a 23 percent...more

NAVEX

Navigating the Landscape: Exploring the UK Corporate Governance Code and its Guiding Principles

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In the United Kingdom's corporate governance, a development recently emerged with the introduction of the UK Corporate Governance Code and its accompanying Guidance. This change aims to provide more transparent, accessible...more

Orrick, Herrington & Sutcliffe LLP

Founder Series: Getting to Grips with the Cap Table

Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our...more

Latham & Watkins LLP

Target Engaged: How UK PLCs Can Defend Against Growing US Shareholder Activist Focus in 2024

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The UK market continues to prove a fertile hunting ground for shareholder activism, with US-based investors spearheading a significant proportion of public campaigns during 2023. These seasoned investors with a track record...more

BCLP

UK Shareholding Report a Missed Opportunity for New Tech

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In July, the U.K. Digitization Taskforce released an interim report containing a series of potential recommendations for the government, regulators and market participants, in order to achieve full digitization of the U.K....more

Goodwin

“Corrective construction” to achieve commercial common sense in company articles

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In the recent Court of Appeal judgment in DnaNudge Limited v. Ventura Capital GP Limited [2023] EWCA Civ 1142, the court confirmed that a provision of the company’s articles allowing for the conversion of Series A shares to...more

Goodwin

Sunset on (some) Stamp Taxes: HMRC confirms 1.5% charge on issuance and capital raising transfers to depositary receipt and...

Goodwin on

HM Revenue & Customs (“HMRC”) has published a policy paper, accompanied by draft legislation, which confirms the removal of the 1.5% charge to stamp duty and stamp duty reserve tax (“SDRT”) on the issuance of UK shares into...more

Katten Muchin Rosenman LLP

More Money, More Problems: Providing additional capital to UK companies in turbulent times

The UK economy continues to deal with significant upheaval, and the outlook for investors holding significant equity stakes in UK portfolio companies is increasingly hard to predict. A change in the trading relationship with...more

Troutman Pepper Locke

FCA’s Proposals for Reform of UK Listing ‎Regime

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On 3 May 2023 the Financial Conduct Authority (FCA) published its consultation paper (CP23/10) setting out a blueprint for significant reforms of the UK listing regime for issuers of shares. The policy proposals are intended...more

Akin Gump Strauss Hauer & Feld LLP

Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be...more

Walkers

Guernsey - The Private Investment Funds Regime

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The Private Investment Fund Rules ("PIF") regime was updated by the Guernsey Financial Services Commission ("GFSC") in 2021 to expand the available PIF product options. PIFs are governed by the Private Investment Fund Rules...more

Skadden, Arps, Slate, Meagher & Flom LLP

Executive Compensation: Considerations for UK Companies for the 2023 Voting Season

U.K. institutional investor bodies, including the Investment Association (IA), Institutional Shareholder Services (ISS), Legal & General Investment Management (LGIM) and Glass, Lewis & Co. (Glass Lewis) recently published...more

Cooley LLP

PEG Releases New Statement of Principles for the Disapplication of Pre-Emption Rights

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On 4 November 2022, the UK Pre-Emption Group (PEG) issued a new Statement of Principles on disapplying pre-emption rights and associated template resolutions. The Statement of Principles has been revised with immediate effect...more

Cooley LLP

Court of Appeal Guidance on Good Faith Obligations in Shareholders’ Agreements

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Introduction - In its judgment in Re Compound Photonic Group Ltd, the Court of Appeal has given helpful guidance on the scope of good faith obligations in a shareholders’ agreement....more

White & Case LLP

FCA discussion paper on further UK listing regime reforms

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FCA publishes discussion paper on replacing current premium and standard listing segments with new single listing segment and sponsor regime reforms- On 26 May 2022, the FCA published a discussion paper (DP22/2) seeking...more

White & Case LLP

M&A financing keeps the leveraged finance market beating

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A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022. In the summer of...more

White & Case LLP

5 things you need to know about … trends impacting UK public markets in 2022

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2021 has been an exceptional year for the London Corporate team at White & Case, with a strong performance across the practice, including White & Case advising on nearly 50 deals involving publicly listed companies in the UK...more

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