Links: Lack of confidence hits IPOs
The main change, announced last week, is to exempt small and medium-sized companies from the obligation to publish a draft prospectus if their public offering is ? ¬2.5m (£1.55m) or less.
Where an SME issues a larger public offering, they would have to issue a prospectus, but less information would be required than for larger companies ‘and the requirement to update information annually would be limited to a reference to their annual financial statements’.
The purpose of the directive is to introduce a ‘single passport’ so that once approved by the authority in one country, a prospectus would then have to be accepted everywhere else in the EU. There are fears in London that this could lead to a levelling down of high UK investor protection standards and further lobbying is expected before the measure becomes law.
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The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.