Regulatory News Service (RNS) definition

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Listing debt securities in London

Listing debt securities in London STOP PRESS: The UK’s prospectus regime is currently based on the EU Prospectus Regulation, which was retained in UK law after Brexit as the UK Prospectus Regulation. The UK has been reviewing its prospectus regime as part of wider efforts to reform the capital markets in the UK and enhance the attractiveness of the UK as a listing venue. As part of this, the UK Prospectus Regulation will be replaced by the Public Offers and Admission to Trading Regulations 2024 (the POATRs), with all detailed requirements relating to admission to trading to be covered in Financial Conduct Authority (FCA) admission rules. The FCA published a consultation paper (FCA CP24/12) which closed in October 2024, setting out detailed proposals. A second consultation paper (FCA CP25/2), covering, among other things, retail bonds; a single disclosure framework for debt securities, further issuances and abolition of Listing Particulars, was published on 31 January 2025. Final FCA rules are expected by the Summer of 2025 (to take effect...

Part 26A restructuring plan deal debrief—Thames Water Utilities Holdings Ltd

Part 26A restructuring plan deal debrief—Thames Water Utilities Holdings Ltd Thames Water Utilities Holdings Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in December 2024 and sanction hearing in February 2025. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). Although the RP was appealed to the Court of Appeal, that appeal has been dismissed (see News Analysis: Thames water beats appeal against £3bn rescue plan). It remains to be seen whether the RP will be appealed further to the Supreme Court. This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023. Name of plan company Thames Water Utilities Holdings Ltd (the Company) Industry sector Water Place of debtor’s incorporation and jurisdictional factors The Company was...

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Memorandum on directors’ responsibilities and potential liabilities in respect of an AIM admission document

Memorandum on directors’ responsibilities and potential liabilities in respect of an AIM admission document 1 Introduction 1.1 This memorandum has been prepared for those persons who are to be named in the document to be published by [insert name of company] (the Company) as directors or proposed directors of the Company (the Directors) in connection with the proposed admission (the Admission) of the ordinary shares of the Company to trading on AIM, a market operated by the London Stock Exchange plc (the LSE). 1.2 An AIM admission document (the Admission Document) is required to be prepared by the Company in connection with the application for the Admission. The Admission Document will disclose financial and other information about the Company[ and its subsidiaries] and must be prepared in accordance with the requirements of the AIM Rules for Companies published by the LSE (the AIM Rules). 1.3 The Directors (among others) are responsible for the contents of the Admission Document and a...