LR/AIM Rules transactions–May to August 2017

LR/AIM Rules transactions–May to August 2017
This Market Tracker trend report examines Listing Rules and AIM Rules transactions for the period between 1 May 2017 to 31 August 2017.

Background and approach

Lexis®PSL Corporate and Market Tracker have conducted research to examine current market trends in respect of Listing Rules and AIM Rules (LR/AIM Rules) transactions. This report examines LR/AIM Rules transactions for the period between 1 May 2017 to 31 August 2017 (the Review Period).

We identified a total of 28 LR/AIM Rules transactions within our scope compared to 32 LR/AIM Rules transactions in the period between 1 January 2017 and 30 April 2017, indicating a slight decrease in activity of 12.5%.

Of the 28 transactions reviewed, 23 were related party transactions (2 Main Market companies and 21 AIM companies) and five were Class 1 transactions.

The percentages included in this report have been rounded up or down to whole numbers or one decimal place, as appropriate.

Class 1 transactions

During the Review Period, five Class 1 transactions were announced on the London Stock Exchange representing a 37.5% decrease on the period between January to April 2017.

A key trend noticed in the transaction documents was an increased consideration of global political tension. In addition to the withdrawal of the UK from the European Union, we noted risk factors referencing the global effect on political stability of the Trump administration in the US in three of the five transactions reviewed. One circular referenced more generally the possible material adverse effect arising from political factors, although this was not included in the risk factors.

The largest transaction reviewed was the joint venture between Lamprell plc and the subsidiary of national oil company of the Kingdom of Saudi Arabia (Saudi Aramco), the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries Co. Ltd (Hyundai) to build the largest maritime yard in the Arabian Gulf. The transaction value was £4.1 billion ($5.2 billion). This

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