Secondary Offers in 2019—Main Market and AIM
Secondary Offers in 2019—Main Market and AIM

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Secondary Offers in 2019—Main Market and AIM
  • Background and approach
  • Summary
  • Transaction volume
  • Transaction volume by month—Main Market
  • Transaction volume by month—AIM
  • Gross proceeds
  • Gross proceeds by month—Main Market
  • Gross proceeds by month—AIM
  • Main Market—highest grossing secondary offers 2019
  • More...

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:

  1. IPOs in 2019—Main Market and AIM

  2. Standard listings in 2019

  3. Risk factor disclosure in 2019 IPOs

  4. Legal and regulatory developments in Equity Capital Markets 2019

Summary

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

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