Corporate weekly highlights - 30 November 2017

Corporate weekly highlights - 30 November 2017

This week’s edition of Corporate highlights includes analysis on the uncertain market conditions that have led to abandoned or postponed IPOs in November, findings from the FRC’s Financial Reporting Lab on boards managing risk and the publication of the timetable for companies converting to charitable incorporated organisations. Highlights also include the publication of new Practice Notes in the Accounts and reports topic area, as well as updated Precedents in our Private equity and Members topic areas.

Equity capital markets

Uncertain market conditions lead to pulled IPOs in November

Although initial public offering (IPO) activity has increased in 2017 compared with 2016, a number of planned Main Market flotations have been dropped in November 2017 as a result of reported uncertain and volatile IPO market conditions. This analysis examines the abandoned or postponed IPOs for Arqiva Group Limited, Cabot Credit Management Limited, Bakkavor Group plc and TMF Group plc.

Alexander Keepin, Partner at Berwin Leighton Paisner LLP, states that, ‘the last few months have been challenging for IPOs as evidenced by the announcements in November. Across the market we are seeing IPOs being considered as one of the options. However companies are willing to wait to achieve the valuations they are seeking or even in some cases run the IPO process alongside other funding opportunities or sale processes to optimise the valuation placed on the business’.

For further information, see News Analysis: Uncertain market conditions lead to pulled IPOs in November.

Corporate governance

Investors want more information on how boards manage risk

The Financial Reporting Council’s (FRC) Financial Reporting Lab (the Lab) has found that, while investors have noted improved information on risk, they also want a better understanding of how boards identify and manage risk to protect the sustainability of companies. The Lab issued a report looking at how better understanding of how boards identify and manage risk could protect the sustainability of companies.

The Lab found that, since the financial crisis, companies have made changes

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