Our Corporate Commercial team has experience advising on business and share acquisitions and disposals, flotations, placings, secondary issues, share schemes, directors’ duties, shareholder meetings and corporate governance in relation to public limited companies and capital markets
What is a Public Limited Company?
Public limited companies are limited companies with issued share capital with a nominal value of at least £50,000. Shares in PLCs can be admitted to trading on stock markets and traded by the general public or may be privately held. PLCs are subject to increased regulation when compared to private limited companies.
We regularly act for a number of long-standing PLC clients in relation to all of their legal requirements.
What is AIM?
Originally known as the Alternative Investment Market, AIM is a stock market for smaller, young and fast-growing companies (both UK and international companies).
AIM enables such companies to have market access at an earlier stage of development than would be possible on the London Stock Exchange, which is the operator and regulator of AIM. For a company to be admitted to AIM they must, amongst other things, appoint a nominated adviser and issue an admission document. The ongoing compliance requirements of an AIM listed company are detailed in the AIM Rules, which are less onerous than those imposed on a company listed on the Main Market of the London Stock Exchange but more onerous than those required for a company admitted to PLUS/ISDX.
In 2004, we advised Wynnstay Group plc in connection with its admission to AIM from Ofex (now ISDX), and its placing of £1,500,000 of new shares. Wynnstay was a complex business which had a turnover in 2003 of £85,000,000 and at the time of the flotation had three trading divisions, four subsidiaries, three joint ventures and two other associated companies and a portfolio of 45 properties.
In 2007, we advised Baqus Group plc on its admission to AIM and placing of shares. In addition and immediately prior to the admission, we advised Baqus on the simultaneous merger of three quantity surveying practices, give it a national reach.
What is PLUS / ISDX?
Our Corporate Solicitors also have experience advising companies in relation to their admission to trading on PLUS (which has now become ICAP Securities & Derivatives Exchange, also known as ISDX). ISDX is marketed as the “next generation” stock exchange and is a market maker, which operates a regulated market. It is a London based stock exchange providing cash trading and listing, derivatives and technology services. It was originally set up for small and mid-cap companies, and has lower annual fees and less onerous requirements (for admission and ongoing compliance) than AIM.
Examples of the work and advice we have provided to public limited companies include:
- Listing of Baqus Group plc to AIM;
- Listing of Wynnstay Group plc to AIM (from PLUS);
- Disposal of subsidiary of an IT plc for an undisclosed amount;
- Acquisitions of numerous agricultural companies and businesses for a listed PLC;
- Acquisition of Quantity Surveyor businesses for a listed PLC;
- Acquisitions of businesses and companies for a PLC in the fire and security systems industry;
- Delisting of a company from AIM;
- Private placing of shares for a carpet manufacturer/distributor as part of an Enterprise Investment Scheme;
- Private placing of an Insured Debenture Loan Stock to raise finance for film production;
- Liaising with the Takeover Panel on a Code Waiver; and
- Reregistration of a company as a PLC prior to its sale and liaising with the Takeover Panel in relation to the same.
How We Can Help
A member of our specialist team will be happy to help.
To discuss Public Limited Companies / Capital Markets issues, please either use the contact form on the right, email us at email@example.com or call us today on +44(0)161 941 4000 to speak to a member of our team.