PLC What's Market: scope and thresholds

PLC What's Market

Details of the following corporate finance transactions and general meeting materials are included in What's Market:

Deal type

Deal description

Threshold

AGMs: FTSE 350 and AIM 50

Analysis of notices of annual general meetings and a selection of other general meetings to assess market practice on resolutions being passed.

From January 2007 (Main Market) From January 2009 (AIM).

AGM notices:

  • FTSE 350 trading companies.

  • AIM 50 trading companies.

A selection of FTSE 350 and AIM quoted trading companies’ notices of general meeting.

Convertible bonds

Issues of convertible bonds on the Main Market and Professional Securities Market of the London Stock Exchange.

From January 2009.

A selection of issues of convertible bonds.

De-listings: Main market and AIM

Analysis of companies leaving the Main Market or AIM.

From July 2008.

A selection of de-listings.

Demergers

Analysis of demergers of UK listed companies.

From March 2006.

A selection of demergers.

IPOs: Main Market

IPOs by companies on the Main Market.

From January 2007.

Market capitalisation on admission £150 million and above.

IPOs: AIM

Admissions to AIM by UK and non-UK issuers.

From January 2008.

Market capitalisation on admission £25 million and above

Our threshold for 2008 was £50 million and above.

Joint ventures

Joint ventures involving listed companies.

From August 2007.

A selection of joint ventures.

Listed company restructurings

Restructurings by listed companies (including debt for equity swaps and company voluntary arrangements (CVAs)).

From January 2009.

Significant restructurings.

Listing Rules transactions

Transactions covered by LR 10 or LR 11 of the Listing Rules (including class 1 transactions, reverse takeovers and related party transactions).

From January 2009.

Significant transactions.

Public M&A

Takeovers of public companies listed on the Main Market or admitted to AIM to which the Takeover Code applies.

From January 2007.

As from 19 September 2011 and for a limited period, all offers announced for targets with shares listed on the Main Market or admitted to AIM to which the Takeover Code applies.

Our threshold for 2009 - 18 September 2011 was:

  • Target with shares listed on the Main Market: deal value £100 million and above.

  • Target with shares admitted to AIM: deal value £50 million and above.

Our threshold for 2007 & 2008 was £250 million and above.

Reorganisations and schemes

Reorganisations and schemes announced by trading companies listed on the Main Market or admitted to AIM, including reorganisations to create distributable reserves.

From February 2006.

Significant reorganisations and schemes.

Returns of value to shareholders

Returns of value to shareholders announced by trading companies listed on the Main Market or AIM including by way of B share schemes, special dividends or tender offers.

From January 2007.

Significant returns of value to shareholders.

Secondary issues

Open offers announced by trading companies listed on the Main Market and AIM.

Placings announced by trading companies listed on the Main Market and AIM.

Rights issues announced by trading companies listed on the Main Market and AIM.

From January 2007.

Value of £20 million or above (or lower where accompanied by a significant cash placing).

Significant cash placings.

Value of £60 million or above.

Transfers to the Official List from AIM

Admissions to the Official List of the Main Market from AIM.

From January 2008.

 

 

Recent deals

For a list of recent transactions added to What's Market, see Practice note, What's Market (UK): recent deals published (www.practicallaw.com/6-503-8066).