Pro forma financial statements definition

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Initial public offerings—Switzerland—Q&A guide

Initial public offerings—Switzerland—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to initial public offerings in Switzerland published as part of the Lexology Getting the Deal Through series by Law Business Research (published: July 2021). Authors: Niederer Kraft Frey—Dr. Philippe A. Weber; Christina Del Vecchio 1. What is the size of the market for initial public offerings (IPOs) in your jurisdiction? The Swiss IPO market recently restarted again following the successful listing of PolyPeptide Group AG on 29 April 2021 on the Swiss Exchange Ltd (SIX), with an offer size of 848 million Swiss francs (francs) and an implied market capitalisation of 2.12 billion francs. There are several IPOs in the pipeline for 2021, which hopefully signifies a more active IPO season than in 2020. Indeed, despite several IPOs in the pipeline that were expected to launch during the course of 2020, the outbreak of coronavirus pandemic and the related volatility in the capital markets impacted the Swiss IPO market with many deals put on hold. Nevertheless, two issuers had successful listings on SIX at the beginning of the summer once market conditions improved slightly. Interestingly, both listings were spin-offs from larger Swiss publicly listed companies, specifically Ina Invest Holding AG, a new real estate company, was spun off from Implenia AG, an international construction and construction services company, and V-Zug Holding AG, a developer and manufacturer of household

Banking & Finance Glossary—P

Banking & Finance Glossary—P Par The face value of a security at which it will be redeemed by the borrower at maturity Par value The face value of debt at the time of its creation. Parent(al) guarantee A guarantee given by a company’s immediate holding company. Pari passu Literally means on an equal basis. The pari passu principle dictates that all unsecured creditors of an insolvent debtor rank equally and should be paid pari passu without discrimination between them. Some creditors (eg employees) are given certain preferential rights but these are special cases. The basic principle is that all unsecured creditors are equal in the event of their debtor's insolvency. For further information, see Practice Note: Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016. Part 26A restructuring plan or restructuring plan A restructuring plan proposed under Part 26A of the Companies Act 2006, created by CIGA 2000 similar in many ways to schemes but subject to CCCD and having no numerosity requirement (see Practice Note: Part 26A restructuring plans). For a class to vote in favour, 75% of a class by value must agree to the plan. Pay as you go This is often seen in structured investment vehicle documents requiring the security trustee to pay out creditors as their debts mature, rather than pay all creditors Pari passu. Pensions regulator A non-departmental government body established in 2005 to regulate and protect work-based pensions, by