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Inform: Smaller Quoted Companies
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Welcome to our first edition of Inform: Smaller Quoted Companies, a publication which will focus on news, comment and legal updates in the SQC sector with a particular focus on the AIM market.
As is well known, the market for IPOs has been effectively closed for the last 12 months. However, the market for secondary issues is still active, albeit much more work and effort are required for every pound raised. In all, £2.55 billion has been raised so far this year on AIM with £891.6 raised in July alone. The market capitalisation of AIM companies is also improving with the AIM all share index having increased by 33.4% in the seven months to July but the decreasing trend in the overall number of AIM companies continues, down to just under 1,400 from its peak of 1,700.
As can be expected in a downturn, we have seen shareholders becoming more active, typically in seeking to replace management; board room disputes continue to be a feature of our work. We have also seen continued activity in the natural resources sector, in which we are taking a special interest.
I hope you enjoy the issue.
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Lupus Capital - enough on display?
At its recent AGM, the directors of Lupus Capital plc were caught out when shareholders started to question their remuneration. The chairman replied that the figures would appear in next year's report and accounts. read more
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A few rotten apples - will AIM be tarnished by recent censures?
During AIM's 14 year existence only four companies quoted on the market have been publicly censured, with just one fined. However, 2009 has already seen a number of scandalous stories relating to AIM companies, including false disclosures and suspected frauds. read more |
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The market view of auditors' liability limitation agreements
Since they came into play on 6 April last year, auditor's liability limitation agreements (LLAs) have had a difficult time. read more |
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By proxy, I think they've got it!
The Companies (Shareholders' Rights) Regulations 2009 (the Regulations) took effect on 3 August 2009. read more
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Pedant's corner |
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An occasional forum (rather than a corner), where we shall aim to explain terminology and technical points that are either apposite to the articles in the current edition or have arisen recently in practice.
Is it listed, quoted, traded or admitted?
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Stato's corner | |
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Feedback
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Speechly Bircham LLP is a limited liability partnership registered in England and Wales (registered number OC321620) and is regulated by the Solicitors Regulation Authority. A list of members' names is open to inspection at our registered office, 6 New Street Square, London EC4A 3LX
This information is correct to the best of our knowledge and belief at the time of going to press. It is, however, written as a general guide, so we recommend that specific professional advice is sought before any action is taken.
Speechly Bircham LLP 6 New Street Square, London EC4A 3LX
Tel +44 (0)20 7427 6400 Fax +44 (0)20 7427 6600
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