Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Lexis®PSL Corporate and Market Tracker have conducted research to examine current market trends in respect of equity capital markets (ECM) transactions in 2019, using 2018 and 2017 ECM transactions for comparative purposes.
Background and approach
We reviewed a total of 522 secondary offers (289 on the Main Market and 233 on AIM). Secondary offers for the purposes of this review include placings, open offers, offers for subscription and rights issues raising £10m or more in gross proceeds for the company.
Where gross proceeds have been calculated, the figures refer to the gross proceeds received by the company and not proceeds raised by selling shareholders (if any). The percentages included in this report have been rounded up or down as appropriate and accordingly percentages may not in aggregate add up to 100%.
This review of 2019 secondary offers forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise:
• IPOs in 2019—Main Market and AIM
• Standard listings in 2019
• Risk factor disclosure in 2019 IPOs
• Legal and regulatory developments in Equity Capital Markets 2019
Overall transaction volume for secondary offers on both markets combined was marginally lower in 2019 than 2018 although Main Market secondary offer activity saw a slight increase from 2018 figures. The stand out Main Market fundraising of 2019 was AstraZeneca’s £2.7bn placing which was the highest grossing secondary offer since 2015. Secondary offer activity on AIM continued to decline for the second year in a row however there were some notable fundraisings. Property investor Globalworth completed two placings raising over £500m in total.
AIM continued in decline, while Main Market picks up slightly
Transaction volume on AIM decreased steadily over the last three years whereas activity on the Main Market showed some recovery in 2019 after a dip
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234