On 16 July, UK Finance and Linklaters co-hosted a webinar to discuss the impact of the newly implemented listing regime on listed companies and the UK market. 

Speakers included: 

Reform of the UK listing regime is an important part of the wider reform package aimed at increasing the UK’s competitiveness as a marketplace for the convening of capital. Panelists were optimistic that the changes will make the UK a more accessible place for companies to list and will provide a more streamlined environment in which to benefit from life as a listed company. 

To access the webinar recording, click here (or access the 'Archive' tab above).

Overview of the key changes introduced by the reforms: 

Market structure - the previous premium and standard listing segments are replaced by a Single Commercial Companies Category for equity shares alongside separate categories for securities such as debt and cash shells. 

Eligibility for listing - certain requirements relating to a company’s financial history have been removed as a condition for listing; however,  prospectuses will still require relevant financial information disclosure.  

Share structures enabling enhanced voting rights are permitted and can be held by directors, employees and pre-IPO investors but with a maximum ten-year sunset for pre-IPO institutional investors.  

Transaction approvals: Companies will no longer need the approval of their shareholders for significant transactions - instead disclosures must be made to the market. Likewise, shareholder approval is no longer required for large transactions with persons connected with the company. 

This is provided for information purposes only and does not constitute advice