24 February 2021
2020 Australian IPO Review: Regulatory developments
In 2020, regulatory developments in relation to IPOs have been relatively limited compared to previous years, with ASIC and ASX increasing their focus on regulation of secondary raisings during the Covid-19 pandemic. Nevertheless, the issue of ASIC class relief in relation to IPO communications and...
24 February 2021
2020 Australian IPO Review: Marketing in the ESG era
Environmental, social and governance (ESG) issues continued to gain traction at both the institutional and retail investor level during 2020, in some cases impacting on the type of ESG information included in prospectuses and other disclosure documents for companies’ public offerings.
23 November 2020
UK EQUITY CAPITAL MARKETS IN 2020 AND H1 2021– RIDING THE WAVE
In March we wrote a piece ( here ) on considerations for listed companies seeking to raise capital in the face of the COVID-19 crisis. As we expected, the subsequent seven months has seen a raft of companies coming to market, with more money raised in equity by UK listed companies in 2020 YTD than...
20 July 2020
COVID-19 Capital Raisings – what we learnt
The COVID-19 capital raisings resulted in an unprecedented amount of funds being raised by Australian businesses in a very short period – in excess of A$26 billion. This was in part facilitated by regulatory changes implemented by ASX and ASIC, which made it easier to raise funds.
02 June 2020
SEC Adopts Amendments Regarding Financial Disclosures about Acquisitions and Dispositions of Businesses
On 21 May 2020, the U.S. Securities and Exchange Commission (the “SEC”) announced the adoption of amendments to its requirements for the disclosure of financial statements relating to acquisitions and dispositions of businesses, including disclosure of related pro forma financial information. The...
28 February 2020
2019 Australian IPO Review: REIT IPOs – The answer for you?
Australian real estate continues to attract substantial investment, both from domestic and offshore players, with the predominant structure for commercial property ownership being real estate investment trusts (both listed and unlisted). Recent experience demonstrates that REIT IPOs continue to be...
28 February 2020
2019 Australian IPO Review: Regulatory developments
In 2019, ASIC and ASX have had a continued focus on enhancing the integrity and corporate governance practices of entities seeking to conduct IPOs, with ASX’s amendments to the Listing Rules and the Corporate Governance Principles and Recommendations coming into effect and ASIC issuing various...
12 January 2022
Corporate Governance snapshot: Preparing your annual report and AGM notice in 2022
This snapshot summarises the key developments and issues arising in practice over the last 12 months which impact the 2021 annual report and the AGM in 2022. For further information or to obtain a copy of our full briefing on preparing your annual report and AGM notice in 2022, please email one of...
11 January 2022
Corporate Governance snapshot: Reporting in structured electronic format
The UK Transparency Rules require listed companies to produce their annual report and accounts in structured electronic format in respect of financial years beginning on or after 1 January 2021. The new rules require listed companies publish their annual report and accounts in XHTML web browser...
10 January 2022
PODCAST: THE NEW NATIONAL SECURITY & INVESTMENT ACT – WHAT DO PUBLIC M&A PRACTITIONERS NEED TO KNOW?
In the latest episode in our public M&A podcast series, we discuss the National Security & Investment Act – the new regime which gives the UK government powers to screen and block acquisitions and investments on national security grounds – and the impact for public M&A practitioners.
05 January 2022
Merricks v Mastercard: the litigation risks for the financial services sector
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the repercussions of the recent decisions in the Merricks v Mastercard litigation for the wider litigation landscape, particularly for the financial services sector.
24 December 2021
The Growing Importance of Social Loans for Project Finance
The last five years has seen a global boom in sustainable financing, primarily driven by green loans and bonds, and sustainability linked loans (SLLs). Growth in this area has been linked to a desire to align financing transactions with a broader imperative to improve the environmental impact of...
23 December 2021
Is it game over for computer-implemented inventions in Australia?
The Full Court of the Federal Court of Australia has provided some clarity on assessing whether computer-implemented inventions constitute patentable subject matter, finding that Aristocrat’s patent claims to electronic gaming machines with particular gaming features were not a “manner of...
22 December 2021
Activism Rising – The Role of Shareholders in Shaping ESG Strategy
While environmental, social and governance (ESG) activism has long been a feature of many markets globally, 2021 has signalled the increased willingness of large institutional investors to take or support activist action against corporate boards where they perceive companies’ progress on ESG issues...