Bird & Bird's Summer 2024 PLC Update
Written By
Welcome to the latest edition of Bird & Bird’s PLC Update, a regular publication that covers the latest news and trends in the Equity Capital Markets sector.
The practical effects of the new Listing Rules changes
New Listing Rules came into force on 29 July 2024 and include significant changes to the listing regime which applies to companies listed on the Main Market of the London Stock Exchange, including new listing categories and some important relaxations to their continuing obligations. This bullet-point summary considers the practical effects on companies that are already listed or considering a listing in London.
Significant changes to the UK's Prospectus Rules
The FCA published a consultation paper on 26 July 2024 clarifying its proposals for significant changes to the UK's Prospectus Rules. These changes are designed to simplify and reduce the costs of listing on one of the UK’s capital markets, make capital raising easier and remove barriers to retail participation. This bullet-point summary considers the proposed rule changes, and what those changes might mean for UK listed companies and those considering a listing in London.
Panel Statement 31 (2024/12): The Takeover Panel publishes a Practice Statement on additional dispensations during a private sale process
On 30 April 2024, the Takeover Panel revised Practice Statement 31 (PS 31), which addresses formal sale processes, private sale processes, strategic reviews, and public searches for potential offerors. We discuss the amendments made to the Practice Statement and what this will mean for companies involved in any of these processes.
Bulletin 7 - UK Takeover Panel Bulletin update: Bidders ‘almost always’ expected to have formulated specific intentions on a takeover offer
On 15 May 2024, the Takeover Panel published Panel Bulletin 7 in Panel Statement 2024/14, which considers the requirements for a bidder on a takeover offer to provide specific details of its intentions for the target company. The Bulletin notes that the Executive of the Takeover Panel “almost always” expects a bidder to have formulated specific intentions which should be included in its statements. We consider the impact of the Bulletin on bidders and target stakeholders.
Consultation Paper PCP 2024/1: Proposed amendments to the application of the Takeover Code
On 24 April 2024, the Takeover Panel released consultation paper, PCP 2024/1, which includes proposals to narrow the scope of application of the Takeover Code. We look at the proposed amendments to the Code and the types of companies which might be excluded from the application of the Code under the proposals.
