The FSA’s Chief Executive on how it will move to the twin peaks style of regulation from April 2012
6 February 2012
“Twin peaks”: Hector Sants speech on the FSA’s introduction of the new regulatory model for financial services
6 February 2012
MiFID II: The Financial Services Authority’s viewpoint
The FSA’s Director of Markets on the changes required to MiFID
6 February 2012
24 minutes until markets close for the weekend, so just time for a quick profit warning
French Connection buries profit warning at 4.06 pm on a Friday afternoon.
5 February 2012
What is crowdfunding?
Crowdfunding bills in US Congress attempt to change securities law framework for start-ups
4 February 2012
Investor presentation for Slater & Gordon’s acquisition of RJW
Russell Jones & Walker becomes first UK law firm to be bought by a publicly-listed law firm
Slater & Gordon – which became the first ever publicly-traded law firm when it listed on the Australian Stock Exchange in 2007 – announced on 30 January 2012 that it is to acquire the business of Russell Jones & Walker (RJW) from RJW’s partners in a cash and shares deal worth up to £53.millon.
20 of RJW’s partners become shareholders in Slater & Gordon, with lock-in periods of 4 years or more.
Slater & Gordon’s 19 page investor presentation is here. Financial details of the acquisition are at page 9 of the presentation.
The five year share price graph for Slater & Gordon is here.
See also: Alternative business structures and innovative lawyers
Friendly Corporate PSL
To subscribe for our free weekly update e-mail, click here.
4 February 2012
PLUS Markets puts itself up for sale
The Stock Exchange that was formerly Ofex throws in the towel
PLUS Markets Group plc yesterday announced that it is putting itself up for sale, starting “a formal sale process in order to identify appropriate potential partners for the Company or major strategic investors”:
“Potential offerors for the entire issued and to be issued share capital of the Company are, therefore, invited to contact Wyvern Partners”.
PLUS Markets has attempted to reposition itself in recent years as a Recognised Investment Exchange and as authorised derivatives trading venue and proprietary “white label” trading platform, but to little avail, with its share price down nearly 90% in the past three years. (Ironically, PLUS Markets is itself admitted to trading on AIM, but probably not for much longer.)
UPDATE 14 May 2012: No one picked up the towel, and PLUS Markets has announced that it is closing.
Friendly Corporate PSL
To subscribe for our free weekly update e-mail, click here.
3 February 2012
Taylor Wessing to spin off its due diligence business
New Street Solutions to be majority-owned by external investors and offer services to other law firms
2 February 2012
Deloitte reported for conduct over MG Rover and the Phoenix Four
Deloitte and former Deloitte partner to be investigated by the AADB for conflicts of interest and self-interest
2 February 2012
Facebook’s S-1 filing
“Our culture emphasizes rapid innovation and prioritizes user engagement over short-term financial results.”
Facebook’s S-1 Registration Statement is here.
- Mark Zuckerberg controls 28.2 of total voting power directly and a further 30.6% through irrevocable proxies, giving him 57.1% of total voting power (see page 127).
- In 2011, Zynga accounted for approximately 12% of Facebook’s revenue (see page 18).
- Facebook has a dual stock structure, with each Class B share having 10 votes and each Class A share having one vote (page 130). Mark Zuckerberg doesn’t hold any Class A shares.
- There are only two specific matters mentioned in “Legal proceedings” (page 93). One is a claim by Paul D. Ceglia that he has a “purported contract” with Mark Zuckerberg giving him “substantial ownership of the company”. The other is the Securities and Exchange Commission’s inquiry into secondary transactions involving the sale of private company securities as well as the number of Facebook’s stockholders of record.
Friendly Corporate PSL
To subscribe for our free weekly update e-mail, click here.
