An Acuris Company
A unique look at UK ECM activity in 2020.
January 2021 ECMi Annual Report 2020
perfectinfo.com Perfect Information ECMi Report 2020 Introduction 2
Welcome to Perfect Information’s ECM Insight (“ECMi”) market analysis report for 2020. This report takes a unique look at UK ECM activity and examines the factors that have shaped market behaviour during 2020. The information contained within is based solely on UK markets, providing a more in-depth examination than similar reviews focused on Pravin Patil Senior ECM Analyst EMEA.
This analysis provides a general overview of market activity during the period before delving into some of the more interesting and noteworthy trends that have developed. In particular, this report looks at IPOs, secondary offerings, sector trends and carries out a thorough investigation of underwriting and banking fees. We have provided our own UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value.
perfectinfo.com Perfect Information ECMi Report 2020 Contents 3
A unique look at UK ECM activity throughout 2020.
Edited by Pravin Patil Senior ECM Analyst
ECM Insight & Report Methodology 04 Cash-boxes 31 2020 Market Overview 05 Retail Investors: Anti-dilution Provisions 32 Highlights 06 Retail Investors: Retail Offers 33 Summary 07 Retail Investors: PrimaryBid 34 Top ECM Deals 08 Lock-Up Duration on Secondaries 35 UK ECM Overview 09 Qualifying Shareholder Take-Up 36 Deals per Quarter 10 Cross-listed Company Fundraisings 37 AIM and Main Market 11 Underwriting on Secondaries 38 Main Market and AIM Breakdown 12 Sector Focus: Renewable Energy 39 Average Discount to Closing Price 13 Sector Focus: Health Care 37 Syndicate Size Analysis 14 Fees 41 Sector Analysis 16 Commission 42 IPOs 21 Fee Disclosure 44 Top 5 IPOs & UK Breakdown 23 League Tables 45 IPOs of £20 Million+ 24 Banks 46 Cancelled IPOs 25 Legal Advisers 48 Duration 24 Financial Advisers 50 Sector Analysis 24 Reporting Accountants 51 Underwriting 25 Financial PR Firms 52 H1/H2 IPO Distribution 28 Criteria 53
ABBs 30 Contacts 54 perfectinfo.com Perfect Information ECMi Report 2020 ECM Insight Report Methodology 4
ECM Insight Report Methodology
ECMi delivers fully verified ECM practice information to our This report sources its data from extracted and fully verified end users in minutes. Users can perform a detailed analysis information as published in prospectuses, admission of all completed and lapsed £20m+ primary and secondary documents, circulars, accounts and RIS notices. All graphs, deals on the London Stock Exchange’s markets since the 1st charts and tables contained within can be recreated by of January 2008, and extract salient information relating to anyone who has access to the ECMi database. The only over 400 data points. Since 1st January 2017, ECMi covers external sources that have been used are referenced within all UK transactions above £5 million, with the dataset now the document and relate to historical share pricing and index going back to 1st January 2016. All £5 million+ transactions and transaction values. on the International Property Securities Exchange have also been analysed since its inception. All of the data on which this report is based is sourced from official transactional documentation that is instantly verifiable through ECMi’s database at the click of a button.
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 5
A general overview of market activity in the UK in 2020.
2020 Market Overview
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 6 Highlights
Numis, N M Rothschild, BDO and ECM FTI Consulting repeat their 2019 success by topping their 2020 respective League Tables for Highlights Volume.
Notes
Largest IPO THG Holdings plc £1.88 billion - August Largest Deal AVEVA Group plc £2.84 billion Rights issue - August Top Sector Financials 24.34% of total ECM Deals Busiest Month June 14.81% of total ECM Deals
Adviser Volume Highlights
Numis Securities Led the UK ECM Senior Bookrunner rankings FinnCap Led the UK ECM Senior Bookrunner rankings - AIM Travers Smith Led the UK ECM Legal Adviser rankings Fieldfisher Led the UK ECM Legal Adviser rankings - AIM N M Rothschild & Sons Led the UK ECM Financial Adviser rankings BDO Led the UK ECM Reporting Accountant rankings FTI Consulting Led the UK ECM Financial PR rankings
Adviser Value Highlights
J.P. Morgan Cazenove Led the UK ECM Senior Bookrunner rankings Investec Led the UK ECM Senior Bookrunner rankings - AIM Slaughter and May Led the UK ECM Legal Adviser rankings Travers Smith Led the UK ECM Legal Adviser rankings - AIM N M Rothschild & Sons Led the UK ECM Financial Adviser rankings Ernst & Young Led the UK ECM Reporting Accountant rankings FTI Consulting Led the UK ECM Financial PR rankings
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 7 Summary
Summary
As the Covid-19 pandemic spread around the world in 2020, the UK announced its first full lockdown measures on 23 March 2020, with its second lockdown beginning on 04 November and its third currently in progress as of 04 January 2021, with restrictions on normal life continuing throughout the year. Their impact on UK Plc was stark with the FTSE 100 falling by 14.34%, its worst annual performance since 2008. This was to be expected. A significant proportion of the FTSE 100 is made up of companies operating in sectors that have been hardest hit by government interventions introduced following the pandemic such as travel, leisure, energy, banking and consumer goods.
However, for ECM, 2020 will be remembered as a superlative year. All those companies that needed to raise capital to survive, and those which saw opportunities arise to grow, organically and inorganically, contributed to a surge in deal volume, increasing 37.45% from 2019, and deal value, rising by 94.09% from the previous year; £24.58 billion more capital was raised in 2020 than 2019.
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 8 Top ECM Deals
AVEVA Group plc’s £2.84 Top ECM Deals billion fundraising was the 2nd largest rights issue in the last 5 years.
Top 5 UK Deals
Rank Company Transaction Size Offer Type Announcement Date
1 AVEVA Group plc £2,835,432,400 Rights issue 25 August 2020 2 International Consolidated Airlines Group, S.A. £2,477,707,589 Rights issue 31 July 2020 3 Rolls-Royce Holdings plc £2,059,728,334 Rights issue 01 October 2020 4 Compass Group PLC £2,005,590,358 ABB, subscription and public offer 19 May 2020 5 THG Holdings plc £1,881,369,990 IPO, placing and placing (sale) 27 August 2020
Top 5 AIM Deals
Rank Company Transaction Size Offer Type Announcement Date
1 ASOS plc £246,572,711 ABB 07 April 2020 2 boohoo group plc £197,678,009 ABB 14 May 2020 3 ITM Power plc £172,012,708 Firm placing, subscription and open offer 22 October 2020 4 Dart Group PLC £171,692,619 ABB 20 May 2020 5 Verona Pharma plc £160,124,033 Placing 17 July 2020
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 9 UK ECM Overview
UK ECM Overview
UK ECM Overview 2017 - 2020
450 £60,000
400 £50,000 350
300 £40,000 Total Value 250
£30,000 (£m) Total Volume 200
150 £20,000
100 £10,000 50
0 £0 2017 2018 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 10 UK ECM Market Overview 2019 - 2020
Q2 2020 recorded the highest transaction Deals per Quarter volume of any quarter since the beginning of 2016, when our database started covering deals of £5 million and above. Q4 2020 also saw deal volume exceed 100, only the second time 2 or more 100+ quarters have been recorded in a single year.
Deals per Quarter 2016 - 2020
140 132
118 120 114 108 107 103 102 100 95 90 85 80 79 80 77 74 73 65 66 65
Volume 60 60 53 Total
40
20
0 2016 2017 2018 2019 2020
Q1 Q2 Q3 Q4
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview AIM 11 and Main Market
AIM and Main Market
With the surge in deal volume since Q2, 2020 recorded 103 more deals than 2019. Both the main market and AIM have seen a sizeable increase in deal volume in 2020, recording 37 and 65 additional deals respectively.
Transaction value increased this year after consecutively falling for the last 2 years. Companies listed on the main market raised an additional £22.45 billion, with the increase in value being more than the entirety of 2019. AIM issuers raised a further £2.07 billion compared to 2019; an increase of 50.24%. The average and median deal size on AIM remained roughly similar in 2020, with the main market seeing a notable increase in average deal size of 58.28% from £163 million to £258 million.
The roughly equal split between main and AIM deal volume widened slightly, with the ratio being 46:54 in 2020. With the help of 10 deals each raising £1 billion+, the main market accounted for 87.79% of total deal value, an increase from its 84.24% in 2019.
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 12 Main Market and AIM Breakdown
Main Market and AIM Breakdown
UK ECM Deals
2019 2020
Main Market AIM Main Market AIM
Total Volume 135 140 172 205 Total Value (£m) £22,007 £4,117 £44,452 £6,185 Average (£m) £163 £29 £258 £30 Median (£m) £99 £13 £113 £15
Volume/Value Breakdown
2019 2020
Main Market AIM Main Market AIM
Volume Breakdown 49.09% 50.91% 45.62% 54.38% Value Breakdown 84.24% 15.76% 87.79% 12.21%
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 13 Average Discount to Closing Price
Average Discount to Closing Price Larger Discounts Offered 2020 saw a sizeable increase in types other than open offers the discount to closing price saw an increase in discounts that companies were willing to offered. Notably, rights issues accept to raise their targeted saw a rise in the average proceeds, with the average discount from 37.16% in 2019 discount rising 51.15% from 2019 to 67.72% in 2020. to 12.47% in 2020. All offer
Average Discount to Closing Price 2017 - 2020
14.00%
12.47%
12.00%
10.19% 10.00%
8.25% 8.00% 7.02% Closing Price
to 6.00%
4.00% % of Discount % of
2.00%
0.00% 2017 2018 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 14 Syndicate Size Analysis
Capital Raised per Syndicate Syndicate Size Analysis Member
Across all markets in 2020, the banks in 2020. Consequently, average deal size increased the average proceeds raised from £94.98 million to £134.14 per syndicate member on UK million. The average syndicate deals in 2020 was £71,732,620, size grew by 8.09% from 1.73 a 30.66% increase from 2019 banks per deal in 2019 to 1.87 (£54,901,734).
Syndicate Size Analysis 2019 - 2020
60.00%
51.47% 50.00% 47.28%
40.00% 35.60% 34.19%
30.00% % of deals % of
20.00%
9.56% 10.05% 10.00% 7.07% 4.78%
0.00% 1 2 3 4+
Syndicate Size
2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 15 Average Syndicate Size
Syndicate Size Analysis Largest Syndicate in 2020 In 2020, the maximum number of bookrunners appointed on a deal was 10 by Rolls-Royce Holdings plc on its £2 billion rights issue in October.
Average Syndicate Size by Deal Value 2019 - 2020
7.00
6.00 6.00 5.67
5.00 4.67
4.00 Syndicate Size 3.00 2.43 2.45 2.42 2.15 1.99 1.98 2.00 1.71 1.74 1.60 1.41 1.37 1.46 1.49
1.00
0.00
Deal Size Range (£m) 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 Sector Analysis 16
2020 Trends by industry.
Sector Analysis
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 17 Sector Analysis
Sector Analysis
Sector Analysis 2019 - 2020 AIM Sector Analysis 2019 - 2020 Financials was once again the most popular Health Care was the leading sector in 2020, sector in 2020, accounting for 24.34% of accounting for 24.39% of total deal volume. total deal volume. However, for the 1st time There were also notable increases in Utilities since 2016, Financials showed a downward and Telecommunications, two often ignored trend in its market share, decreasing by industries in UK ECM. Financials declined almost 40% from 39.64% of all deals in from 1st in 2019 to 5th in 2020 with a 2019 to 24.34% in 2020. 37.40% fall.
The other two sectors with prominent increases were Health Care (77.15%) and Consumer Services (41.08%). Increasing deal volumes in these areas should not come as a surprise. The first was due to an increased focus on the industry and healthy investor appetite, with 28.30% of use of proceeds statements for companies in this sector having some mention of Covid-19 in 2020. The second was due to the Consumer Services sector being more severely affected by national lockdowns due to a decline in consumer spending and a high-cost base, which led companies to shore up their balance sheets.
Along with Financials, the other three industries to record declines from 2019 were Oil & Gas, Basic Materials and Technology.
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market 18 Overview Sector Analysis
* Telecommunications - 2.65% 2019 UK Sector Breakdown * Telecommunications - 2.17% 2020 UK Sector Breakdown Utilities - 2.38% Utilities - 0..73%
7.27% 6.08% 7.67% 8.36%
5.03% 7.64%
24.34%
9.82% 14.55%
39.64%
4.73%
5.56% 2.38%
8.36% 2.65%
14.81% 12.00% 16.93%
Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials
Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services
Other* Financials Technology Other* Financials Technology
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market 19 Overview Sector Analysis
* Telecommunications - 1.95% 2019 UK AIM Sector Breakdown * Telecommunications - 1.43% 2020 UK AIM Sector Breakdown Utilities - 2.93% Utilities - 1.43%
10.71% 9.76% 15.71% 12.20%
10.73% 5.37%
17.14% 7.14%
2.93%
1.95% 14.63%
12.14%
1.43%
1.43% 12.68%
5.37% 12.14% 6.43%
15.71% 24.39%
Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services Other* Financials Technology Other* Financials Technology
perfectinfo.com Perfect Information ECMi Report 2020 2020 Market Overview 20 Sector Trend
Sector Trend Analysis
Sector Trend Analysis 2017 - 2020
45.00%
39.64% 40.00% 37.85%
35.63% 35.00%
30.00%
24.34% 25.00% Volume 20.00%
Deal 16.93%
Total 15.00% 12.00% 12.04% 11.30% % of 14.81% 10.00%
9.32% 8.36% 5.00% 7.86%
0.00% 2017 2018 2019 2020
Health Care Consumer Services Financials
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 21
An in-depth look at IPOs in 2020.
IPOs
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 22 Overview
IPOs
H1 2020 saw only 5 IPOs, the lowest in any six-month period since H1 2016. Despite this H1 performance, there were 4 more listings in 2020 than 2019 due to a solid performance in the last 6 months of the year. Total deal value decreased slightly by £316 million (5.20%). There were 17 flotations on the main market, the same as in 2019, with 14 on AIM, 3 more than in 2019. 2020 also saw the first IPO announced on the UK's newest securities exchange, the 'International Property Securities Exchange' (“IPSX”).
IPOs on the main market raised £256 million less, (4.65%), whilst AIM flotations raised £126 million less; a 22.64% fall. The average IPO deal size on the main market in 2020 was £309 million, marginally lower than the £324 million in 2019, despite the large THG Holdings plc IPO. Average IPO deal size on the AIM market fell by over a third to £30 million from £51 million in 2019.
Listings by non-UK incorporated companies decreased to 5 in 2020 from 7 in 2019, raising a total of £1.48 billion, compared to £958 million in 2019.
The biggest flotation in 2020 was the £1,881 million IPO by THG Holdings plc in August. This was the largest IPO in the UK since Worldpay Group plc in September 2015 and the 4th largest IPO in the UK since our database began in 2008 after Glencore International plc (£6,028 million), Worldpay (£2,484 million) and Royal Mail plc (£1,980 million).
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 23 Top 5 IPOs & UK IPO Breakdown
Top 5 IPOs & UK IPO Breakdown
Top 5 IPOs
Rank Company Transaction Size Announcement Date
1 THG Holdings plc £1,881,369,990 27 August 2020 2 Conduit Holdings Limited £820,649,980 05 November 2020 3 AB Ignitis grupe £401,248,328 04 September 2020 4 VH Global Sustainable Energy Opportunities plc £400,000,000 11 November 2020 5 Bytes Technology Group plc £352,393,578 02 November 2020
UK IPOs
2019 2020 % Change
Main Market AIM Main Market AIM Main Market AIM
Total Volume 17 11 17 14 0.00% 27.27% Total Value (£m) £5,510 £561 £5,254 £435 -4.64% -22.53% Average (£m) £324 £51 £309 £31 -4.61% -39.13% Median (£m) £242 £31 £123 £25 -49.38% -19.35%
Volume/Value Breakdown
2019 2020
Main Market AIM Main Market AIM
Volume Breakdown 60.71% 39.29% 54.84% 45.16% Value Breakdown 90.76% 9.24% 92.36% 7.64%
perfectinfo.com Perfect Information ECMi Report 2020 IPOs of £20 Million+ 24 2008 - 2020
IPOs of £20 Million+ H1 2020 (5) saw the fewest volumes were in single digits for number of successful IPOs of £20 a half-year period. million and above since H1 2009 (2), when the country was still H2 2020 saw an uptick in IPO reeling from the aftermath of the volumes with a 320% increase in financial crisis of 2007-08. This is listings from H1 2020, arresting just the 6th instance since a 24-month period of decline in 01 January 2008 when IPO half year volumes.
IPOs of £20 Million+ 2008 - 2020
70 64
60
50
40 38
32 33 32 30 30 28 27 26 23 23 21 21 19 19 20
Total Volume Total 20 15 13 11 11 10 8 8 4 5 5 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
H1 H2
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 25 Cancellations
4 IPOs were cancelled in 2020, the Cancelled IPOs largest of which was DRI Healthcare Plc (£250 million), that were aiming to raise £819 million in aggregate. The 11.11% cancellation rate for IPOs announced in 2020 is the lowest since 2016 (9.43%) and 60.62% lower than the 28.21% cancellation rate in 2019.
Cancelled IPOs 2016 - 2020
18
16 £4,000
14 £3,500
12 £3,000
10 £2,500 Value Total
8 £2,000 (£m) Total Volume Total 6 £1,500
4 £1,000
2 £500
0 £0 2016 2017 2018 2019 2020
Deal Value (£m) Deal Volume
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 26 IPO Duration and Sector Analysis
Average IPO Duration and IPO Sector Analysis
Average IPO Duration (ITF to Admission) 2020 IPO Sector Analysis * Telecommunications - 0.00% 2016 - 2020 6.25% 6.25% 3.13%
35
15.63% 30
25 30.14 28.10
24.78 20 40.63% 3.13% 23.35 23.75
15 Number of days Number of
12.50% 10
5 9.38% 3.13%
0 Oil & Gas Basic Materials Industrials 2016 2017 2018 2019 2020 Consumer Goods Health Care Consumer Services
Utilities Financials Technology
perfectinfo.com Perfect Information ECMi Report 2020 IPOs 27 Underwriting
2020 saw the lowest proportion of Underwriting IPOs that were fully underwritten, with only 15.63% of deals, a fall of 60.22% from 2019.
Fully Underwritten IPOs as a % of Total IPOs 2016 - 2020
45.00%
40.00%
39.29% 35.00%
30.00%
25.00% 27.08%
23.29% 20.00%
% of deals % of 18.18% 15.00% 15.63%
10.00%
5.00%
0.00% 2016 2017 2018 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 H1/H2 IPO Distribution 28
For the first time since 2013, H2 saw H1/H2 IPO Distribution more IPOs than its H1 counterpart. 2020 also saw the greatest disparity between the two, with over 84% of 2020 IPOs announced in the second half of the year.
IPO Distribution between H1 and H2 2016 - 2020
90.00% 84.38%
80.00%
70.00% 64.58% 63.64% 60.71% 60.00% 54.79%
50.00% 45.21%
39.29% 40.00% 36.36%
% of deals % of 35.42%
30.00%
20.00% 15.63%
10.00%
0.00% 2016 2017 2018 2019 2020
H1 H2
perfectinfo.com Perfect Information ECMi Report 2020 Trends 29
Analysis on the trends that have developed in UK ECM in 2020.
2020 UK ECM Trends
perfectinfo.com Perfect Information ECMi Report 2020 Trends 30 ABBs
Due to their speed of ABBs, more than the total ABBs implementation and low cost, number of ABBs in each of ABBs surged in popularity in Q2 2019, 2018 and 2016. 2020 2020 as companies rushed to saw a grand total of 162 improve their finances following ABBs, 2 more than the implementation of the UK combined number of ABBs lockdown at the end of Q1. Q2 from the previous 9 quarters. 2020 alone had 81
ABB Volumes 2016 - 2020
90
81 80
70
60
50
40 37 Total Volume Total 30 27 26 25 23 23 24 19 20 18 17 17 15 16 15 10 10 9 8 10 6
0 2016 2017 2018 2019 2020
Q1 Q2 Q3 Q4
perfectinfo.com Perfect Information ECMi Report 2020 Trends 31 Cash-boxes
Cash-boxes become the default with the loosening of regulations to COVID-19 Fundraising Solution Cash-boxes allow non-prospectus issuances of up On 01 April 2020, The Pre-Emption to 20% of ISC in July 2017 (for non- Group relaxed the requirements public offers), these two measures have contained within its 2015 Statement seen a surge in the use of cash-boxes of Principles relating to the use of in 2020. There were 51 transactions in cash-boxes such that they now 2020 that utilised a cash-box structure, temporarily recommend supporting more than the entirety of 2016 to 2019 issuances up to 20% of ISC. Coupled combined.
Fundraisings Utilising Cash-box Structure 2016 - 2020
60
51 50
40
30 Volume Total
20
14
10 10 7 5
0 2016 2017 2018 2019 2020 perfectinfo.com Perfect Information ECMi Report 2020 Trends 32 Retail Investors
In April 2020, leading names from some element of anti-dilution for Retail Investors: Anti-dilution Provisions the UK’s retail investing scene retail investors since our database including the heads of Fidelity, began recording all deals of £5 Hargreaves Lansdown and AJ Bell, million and above in 2016. Indeed, wrote an open letter to UK PLCs the four quarters of 2020 all feature calling on them to ensure provisions in the list of the top 6 quarters with are made to involve retail investors the highest proportion of deals with in future fundraisings. Q4 2020 saw anti-dilution provisions for retail the highest proportion of investors. transactions that included at least
Deals Containing Anti-dilution Provisions for Retail Investors 2016 - 2020
40.00%
35.00%
30.00%
25.00%
20.00%
% of Total Volume 15.00%
10.00%
5.00%
*Deals with‘'Anti-dilution Provisions’ are all those where retail 0.00% 2016 2017 2018 2019 2020 investors had the opportunity to participate in some way in the fundraising, regardless of whether they were ultimately diluted and includes open offers, placing and open offers, rights issues, retail Q1 Q2 Q3 Q4 offers and intermediaries offers.
perfectinfo.com Perfect Information ECMi Report 2020 Trends 33 Retail Offers
H2 2020 saw 30 retail offers, 3 Retail Investors: Retail Offers more than the previous record set in H1 2020. This is not only the highest number for any 6-month span on our database, this is more than any previous full year period.
Retail Offers 2016 - 2020
35
30 30 27
25
20
Volume 15 15
Total 13 13 13 12
10 9
6
5 4
0 2016 2017 2018 2019 2020
H1 H2
perfectinfo.com Perfect Information ECMi Report 2020 Trends 34 Retail Investors
Conditions have been perfect for Only technology can bridge that Retail Investors: PrimaryBid PrimaryBid in 2020. With ABBs gap. A remarkable 76.67% of the accounting for 42.86% of total 30 retail offers in H1 2020 were deal volume, and a renewed focus carried out via PrimaryBid. More on allowing retail investors to retail offers were done through participate in fundraisings, the PrimaryBid just in Q2 2020 than traditional retail or intermediaries had been carried out in the offer is not an option within the entirety of the rest of our tight deadlines an ABB requires. database combined.
Retail Offers Conducted via PrimaryBid 2016 - 2020
30
7 25 4
20 Volume
Total 15
23 23 10 13 12 13 13 11 5 8 5 2
2 2 1 1 1 1 0 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
2016 2017 2018 2019 2020
via PrimaryBid Not via PrimaryBid
perfectinfo.com Perfect Information ECMi Report 2020 Trends 35 Lock-Up Duration
2020 saw a dramatic fall in the Lock-Up Duration on Secondaries average lock-up duration for shareholders on secondaries of almost 20%, whilst also witnessing a marked increase in the duration of company lock-ups.
Average Lock-up Duration on Secondary Fundraisings 2017 - 2020
450
411 403 400
350 337 332
300
250
200 Number of days Number of
150 144 137 132 119
100
50
0 Company Shareholders (excl. directors)
2017 2018 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 Trends 36 Qualifying Shareholder Take-Up
2020 saw the highest ever Qualifying Shareholder Take-Up percentage take-up by qualifying shareholders on open offers since our database began covering deals of £5 million and above in 2016.
% Take-up by Qualifying Shareholders on Open Offers 2016 - 2020
80.00%
70.45% 70.00%
62.80% 63.20% 59.04% 60.00%
53.67%
50.00%
40.00% % of takeup % of 30.00%
20.00%
10.00%
0.00% 2016 2017 2018 2019 2020
*Includes open offers and placing and open offers
perfectinfo.com Perfect Information ECMi Report 2020 Trends 37 Cross-listed Company Fundraisings
Fundraisings by cross-listed or Cross-listed Company Fundraisings dual-listed companies increased by 60.61% in 2020 from 2019, with the 53 deals accounting for 14.02% of total deal volume.
Fundraisings by Cross-listed Companies 2016 - 2020
60
53
50
40 40
35 34 33
30 Volume Total
20
10
0 2016 2017 2018 2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 Trends 38 Underwritten Secondary Fundraisings
2020 saw a decline of 23.66% in hard for the first time, 2020 saw more Underwriting on Secondaries underwritten IPOs, but secondary secondaries being soft underwritten fundraisings show a different story. 10.26% than hard underwritten. This tells us that of secondaries were fully underwritten issuers were more concerned about which is an increase from 7.72% in 2019. raising their targeted proceeds than in previous years, and that it was either Overall, 23.16% of secondary deals were prohibitively expensive to fully either hard or soft underwritten, the highest underwrite the deal, or it was the since our database started recording this settlement risk of placees that caused metric for deals of £5million and above, them the greatest concern.
Underwritten Secondary Fundraisings 2016 - 2020
14.00% 12.90%
12.00%
10.60% 10.26% 10.00% 9.57%
8.51%
8.00% 7.72%
6.00% 4.96%
4.07% % of Deals Underwritten 3.53% 4.00% 3.34%
2.00%
0.00% 2016 2017 2018 2019 2020
Hard Underwritten Soft Underwritten
perfectinfo.com Perfect Information ECMi Report 2020 Trends 39 Sector Focus
Fundraisings by renewable energy Sector Focus: Renewable Energy companies continue to increase in the UK. Deal volume grew by 30% from 2019, with total deal value rising by 57.50%.
Renewable Energy Fundraisings 2017 - 2020
£4,000 30
£3,500 26 24 £3,751 25
£3,000 20 20 £2,500 Total
£2,382 Volume £2,000 15 Value (£m) Value 11 £1,500 Total 10
£1,000 £1,069 £999 5 £500
£0 0 2017 2018 2019 2020 *’Renewable Energy’ comprises of the following companies: - those which actively produce electricity from renewable sources; or - those which invest in entities which produce electricity from renewable sources; or Volume Value - those which manufacture equipment related to renewable electricity generation; and - those which store electricity from renewable sources.
perfectinfo.com Perfect Information ECMi Report 2020 Trends 40 Sector Focus
Fundraisings by Health Care Overall, Health Care transaction Sector Focus: Health Care companies saw a spike in volume this value fell by just over 50%, however year, with the 53 deals representing the placing by Astrazeneca PLC in an increase of 120.83% from 2019. 2019 alone contributed £2.68 billion 28.30% of these transactions cited of the £3,180 billion total for that Covid-19 related activities within their year. Discounting this one-off deal use of proceeds statement. highlights a marked increase in 2020 value from the 2017 - 2019 average.
Health Care Fundraisings 2017 - 2020
£3,500 60
£3,180 53 £3,000 50
£2,500 40
34 £2,000 33 Total
30 Volume Value (£m) Value £1,500 24
Total £1,572 20
£1,000 £1,192 £1,153
10 £500
£0 0 *’Health Care’ comprises of the following companies: 2017 2018 2019 2020 - those which are classified under ICB industry ‘Health Care’ which includes Health Care Providers, Medical Equipment, Medical Supplies, Biotechnology and Volume Value Pharmaceuticals; and - those which solely invest in the above such companies.
perfectinfo.com Perfect Information ECMi Report 2020 Fee Disclosure 2020 41
An overview of fee disclosure in 2020.
Fees
perfectinfo.com Perfect Information ECMi Report 2020 Fee Disclosure 42 Avg Commission
Unsurprisingly, 2020 saw an increase in Average Commission by Offer Type the average commission paid for all offer types from 2019, other than for placing and open offers.
Average Commission Breakdown by Offer Type 2019 - 2020
4.00% 3.81%
3.50% 3.30%
3.00% 2.77% 2.80% 2.64% 2.64% 2.50% 2.50% 2.38%
1.94% 2.00% 1.85% 1.88%
1.50% 1.50%
1.00%
0.50%
0.00% Placing Firm Placing Placing and Open Offer Retail Rights Issue Open Offer 2019 2020 *Placings include accelerated bookbuilds and block trades **Firm placings include individual subscriptions
perfectinfo.com Perfect Information ECMi Report 2020 Fee Disclosure 43 Avg Commission
Average commission across all offer Average Commission types increased by over a third to 3.01% of gross proceeds in 2020 from 2.24% in 2019, with a decrease in discretionary commission to 0.63%.
Average Commission Across All Offer Types 2019 - 2020
3.50%
3.01% 3.00%
2.50% 2.24%
2.00%
1.50%
0.98% 1.00%
0.63%
0.50%
0.00% Average Commission Average Disc. Commission
2019 2020
perfectinfo.com Perfect Information ECMi Report 2020 Fee Disclosure 44
The percentage of deals with no Fee Disclosure information provided on commissions has decreased from 48.75% in 2019 to 44.79% in 2020.
Only 11.46% of deals in 2020 had, or at least disclosed, discretionary commissions. The figure was 16.67% for corporate finance fees.
Fee Disclosure 2019 - 2020
60.00%
55.21%
51.25% 50.00%
40.00%
30.00%
20.00% 17.50% 16.25% 16.67%
11.46%
10.00%
0.00% Commission Disc. Commission Corporate Finance Fees
2019 2020 *Chart only applies to deals where a prospectus or admission document was published
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 45
UK centric league tables for banks, legal advisers, financial advisers, reporting accountants and financial PR firms, as sorted by volume and value for 2020.
League Tables 2020
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2019 46 Banks
League Tables 2020 Banks
Banks by Volume (min. 12 deals) Top 20 Banks by Value
Ranking 2020 Volume & Value Market Share Ranking 2020 Value & Volume Market Share
2019 2020 Adviser Volume Value (£m) 2019 2020 Change 2019 2020 Adviser Value (£m) Volume 2019 2020 Change
1 1 Numis Securities 50 £4,020 12.73% 13.23% 0.50% 2 1 J.P. Morgan Cazenove £4,738 36 8.77% 9.35% 0.58%
4 2 J.P. Morgan Cazenove 36 £4,738 8.73% 9.52% 0.80% 7 2 Barclays £4,027 30 4.83% 7.94% 3.12%
2 3 Peel Hunt 35 £967 9.09% 9.26% 0.17% 5 3 Numis Securities £4,020 50 7.05% 7.93% 0.88%
10 4 Barclays 30 £4,027 5.09% 7.94% 2.85% 1 4 Morgan Stanley £3,828 18 12.14% 7.55% -4.59%
7 5 Liberum Capital 29 £830 6.55% 7.67% 1.13% 3 5 Goldman Sachs International £3,397 16 8.55% 6.70% -1.85%
10 6 FinnCap 26 £386 5.09% 6.88% 1.79% 4 6 Jefferies International £3,289 24 7.27% 6.49% -0.79%
5 7 Jefferies International 24 £3,289 7.27% 6.35% -0.92% 12 7 Citigroup £2,791 19 2.76% 5.50% 2.75%
5 8 Nplus1 Singer 22 £498 7.27% 5.82% -1.45% 28 8 HSBC £2,434 20 0.62% 4.80% 4.18%
8 9 Cenkos Securities 21 £613 5.82% 5.56% -0.26% 15 9 Bank of America Merrill Lynch £2,234 13 2.08% 4.41% 2.32%
33 10 HSBC 20 £2,434 1.09% 5.29% 4.20% 31 10 BNP Paribas £1,767 9 0.46% 3.48% 3.02%
8 10 Canaccord Genuity 20 £489 5.82% 5.29% -0.53% 25 11 Davy £1,629 8 0.77% 3.21% 2.45%
18 12 Citigroup 19 £2,791 2.91% 5.03% 2.12% 29 12 Credit Suisse £1,336 9 0.59% 2.64% 2.04%
10 12 Investec 19 £1,109 5.09% 5.03% -0.06% 11 13 UBS £1,304 10 3.26% 2.57% -0.69%
21 12 Panmure Gordon & Co 19 £833 2.18% 5.03% 2.84% 13 14 Investec £1,109 19 2.42% 2.19% -0.24%
15 15 Morgan Stanley 18 £3,828 4.00% 4.76% 0.76% 32 15 Deutsche Bank £976 10 0.45% 1.93% 1.47%
18 16 Goldman Sachs International 16 £3,397 2.91% 4.23% 1.32% 8 16 Peel Hunt £967 35 4.37% 1.91% -2.46%
2 16 Stifel Nicolaus Europe 16 £807 9.09% 4.23% -4.86% 46 17 Panmure Gordon & Co £833 19 0.15% 1.64% 1.49%
13 16 Shore Capital 16 £304 4.73% 4.23% -0.49% 10 18 Liberum Capital £830 29 3.52% 1.64% -1.88%
21 19 Bank of America Merrill Lynch 13 £2,234 2.18% 3.44% 1.26% 6 19 Stifel Nicolaus Europe £807 16 4.94% 1.59% -3.34%
17 20 Berenberg 12 £366 3.27% 3.17% -0.10% 9 20 RBC Europe £806 8 4.10% 1.59% -2.51%
21 20 Arden Partners 12 £77 2.18% 3.17% 0.99%
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 47 Banks AIM
League Tables 2020 Banks AIM
Banks by Volume (min. 4 deals) Top 20 Banks by Value
Ranking 2020 Volume & Value Market Share Ranking 2020 Value & Volume Market Share
2019 2020 Adviser Volume Value (£m) 2019 2020 Change 2019 2020 Adviser Value (£m) Volume 2019 2020 Change
3 1 FinnCap 25 £379 9.29% 12.20% 2.91% 4 1 Investec £407 8 7.21% 6.57% -0.64%
1 2 Cenkos Securities 18 £301 10.71% 8.78% -1.93% 8 2 Numis Securities £402 15 5.16% 6.50% 1.34%
8 2 Nplus1 Singer 18 £298 6.43% 8.78% 2.35% 2 3 Peel Hunt £385 16 7.72% 6.23% -1.49%
2 4 Canaccord Genuity 17 £384 10.00% 8.29% -1.71% 14 4 Canaccord Genuity £384 17 2.62% 6.22% 3.59%
6 4 Liberum Capital 17 £295 7.14% 8.29% 1.15% 18 5 FinnCap £379 25 2.11% 6.13% 4.02%
3 6 Peel Hunt 16 £385 9.29% 7.80% -1.48% 1 6 Jefferies International £363 4 8.86% 5.86% -3.00%
6 7 Numis Securities 15 £402 7.14% 7.32% 0.17% 23 7 Panmure Gordon & Co £316 15 0.94% 5.10% 4.16%
15 7 Panmure Gordon & Co 15 £316 4.29% 7.32% 3.03% 5 8 Cenkos Securities £301 18 6.27% 4.87% -1.41%
15 9 Arden Partners 12 £77 4.29% 5.85% 1.57% 15 9 Nplus1 Singer £298 18 2.58% 4.82% 2.24%
10 10 Shore Capital 11 £115 5.71% 5.37% -0.35% 6 10 Liberum Capital £295 17 5.55% 4.77% -0.78%
10 11 Berenberg 9 £258 5.71% 4.39% -1.32% 7 11 Berenberg £258 9 5.43% 4.18% -1.25%
5 11 Stifel Nicolaus Europe 9 £184 7.86% 4.39% -3.47% 11 12 RBC Europe £192 3 4.42% 3.10% -1.31%
8 13 Investec 8 £407 6.43% 3.90% -2.53% 9 13 Stifel Nicolaus Europe £184 9 4.94% 2.98% -1.96%
22 13 Zeus Capital 8 £182 2.14% 3.90% 1.76% 17 14 Zeus Capital £182 8 2.27% 2.95% 0.68%
27 15 SP Angel Corporate Finance 7 £37 1.43% 3.41% 1.99% 3 15 J.P. Morgan Cazenove £127 3 7.53% 2.06% -5.47%
31 16 Turner Pope Investments 5 £30 0.71% 2.44% 1.72% 13 16 Shore Capital £115 11 2.77% 1.87% -0.91%
12 17 Jefferies International 4 £363 5.00% 1.95% -3.05% - 17 Barclays £107 2 - 1.72% 1.72%
12 17 WH Ireland 4 £48 5.00% 1.95% -3.05% - 17 HSBC £107 2 - 1.72% 1.72%
- 17 Beech Hill Securities 4 £25 - 1.95% 1.95% 16 19 Goodbody Stockbrokers £99 2 2.38% 1.61% -0.77%
- 20 Deutsche Bank £89 1 - 1.43% 1.43%
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 48 Legal Advisers
League Tables 2020 Legal Advisers
Legal Advisers by Volume (min. 6 deals) Top 20 Legal Advisers by Value
Ranking 2020 Volume & Value Ranking 2020 Value & Volume
2019 2020 Adviser Volume Value (£m) 2019 2020 Adviser Value (£m) Volume
4 1 Travers Smith 25 £3,086 18 1 Slaughter and May £5,817 6
2 2 CMS Cameron McKenna Nabarro Olswang 24 £1,611 1 2 Linklaters £5,174 7
5 3 Fieldfisher 21 £410 21 3 Latham & Watkins £4,616 7
6 4 Pinsent Masons 20 £624 2 4 Allen & Overy £4,269 5
1 5 Gowling WLG 16 £1,479 6 5 Clifford Chance £3,937 5
2 6 Stephenson Harwood 15 £1,461 12 6 Ashurst £3,776 6
10 6 Osborne Clarke 15 £305 7 7 Travers Smith £3,086 25
13 8 Freshfields Bruckhaus Deringer 8 £2,862 3 8 Freshfields Bruckhaus Deringer £2,862 8
6 8 Herbert Smith Freehills 8 £1,460 38 9 Gibson, Dunn & Crutcher £1,881 1
32 8 BDB Pitmans 8 £216 11 10 CMS Cameron McKenna Nabarro Olswang £1,611 24
10 11 Linklaters 7 £5,174 - 11 Baker & McKenzie £1,541 1
32 11 Latham & Watkins 7 £4,616 5 12 Gowling WLG £1,479 16
32 13 Slaughter and May 6 £5,817 10 13 Hogan Lovells £1,478 6
17 13 Ashurst 6 £3,776 8 14 Stephenson Harwood £1,461 15
9 13 Hogan Lovells 6 £1,478 4 15 Herbert Smith Freehills £1,460 8
- 13 Dentons 6 £572 14 16 White & Case £1,258 5
8 13 Norton Rose Fulbright 6 £543 - 17 Davis Polk & Wardwell £693 2
10 13 Simmons & Simmons 6 £319 15 18 Pinsent Masons £624 20
21 13 Addleshaw Goddard 6 £221 - 19 Dentons £572 6 9 20 Norton Rose Fulbright £543 6
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 49 Legal Advisers AIM
League Tables 2020 Legal Advisers AIM
Legal Advisers by Volume (min. 3 deals) Top 20 Legal Advisers by Value
Ranking 2020 Volume & Value Ranking 2020 Value & Volume
2019 2020 Adviser Volume Value (£m) 2019 2020 Adviser Value (£m) Volume
1 1 Fieldfisher 19 £360 6 1 Travers Smith £681 12
4 2 Osborne Clarke 15 £305 4 2 Fieldfisher £360 19
5 3 Travers Smith 12 £681 1 3 CMS Cameron McKenna Nabarro Olswang £319 11
2 3 Pinsent Masons 12 £235 11 4 Stephenson Harwood £309 6
3 5 CMS Cameron McKenna Nabarro Olswang 11 £319 7 5 Osborne Clarke £305 15
21 6 BDB Pitmans 7 £156 2 6 Gowling WLG £249 4
7 7 Stephenson Harwood 6 £309 5 7 Pinsent Masons £235 12
12 8 K&L Gates 5 £165 17 8 Dechert £198 2
10 8 Addleshaw Goddard 5 £154 17 9 Burges Salmon £172 1
21 8 Squire Patton Boggs 5 £90 15 10 Reed Smith £169 3
- 8 Covington & Burling 5 £88 26 11 K&L Gates £165 5
5 8 DAC Beachcroft 5 £66 23 12 Macfarlanes £158 2
- 8 Gateley 5 £66 34 13 BDB Pitmans £156 7
7 14 Gowling WLG 4 £249 3 14 Addleshaw Goddard £154 5
12 14 Eversheds Sutherland 4 £136 - 15 Davis Polk & Wardwell £141 1
- 14 Dentons 4 £111 - 15 Latham & Watkins £141 1
21 14 Orrick, Herrington & Sutcliffe 4 £90 42 17 Mayer Brown International £141 2
12 14 Walker Morris 4 £78 22 18 Bryan Cave Leighton Paisner £139 3
21 19 Reed Smith 3 £169 25 19 Eversheds Sutherland £136 4
12 19 Bryan Cave Leighton Paisner 3 £139 36 20 Norton Rose Fulbright £120 1
21 19 Brown Rudnick 3 £49
21 19 Bird & Bird 3 £33
7 19 Hill Dickinson 3 £31
12 19 Memery Crystal 3 £19
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 50 Financial Advisers
League Tables 2019 Financial Advisers
Financial Advisers by Volume (min. 2 deals) Top 20 Financial Advisers by Value
Ranking 2020 Volume & Value Ranking 2020 Value & Volume
2019 2020 Adviser Volume Value (£m) 2019 2020 Adviser Value (£m) Volume
1 1 N M Rothschild & Sons 12 £6,021 2 1 N M Rothschild & Sons £6,021 12
3 2 Numis Securities 6 £635 - 2 Goldman Sachs International £4,688 3
3 2 Strand Hanson 6 £64 22 3 Lazard £4,279 5
17 4 Lazard 5 £4,279 4 4 Morgan Stanley £4,192 4
12 5 Morgan Stanley 4 £4,192 - 5 Greenhill & Co. International £2,316 3
7 5 Evercore 4 £996 25 6 Kinmont £1,049 3
10 5 Jefferies International 4 £590 3 7 Evercore £996 4
7 5 Investec 4 £547 - 8 HSBC £958 2
- 9 Goldman Sachs International 3 £4,688 9 9 J.P. Morgan Cazenove £827 3
- 9 Greenhill & Co. International 3 £2,316 - 10 GC Securities £821 1
17 9 Kinmont 3 £1,049 6 11 Numis Securities £635 6
10 9 J.P. Morgan Cazenove 3 £827 7 12 Jefferies International £590 4
2 9 Nplus1 Singer 3 £549 8 13 Nplus1 Singer £549 3
3 9 Stifel Nicolaus Europe 3 £395 15 14 Investec £547 4
12 9 Barclays 3 £389 17 15 RBC Europe £481 2
- 9 Cenkos Securities 3 £292 5 16 Stifel Nicolaus Europe £395 3
- 17 HSBC 2 £958 11 17 Barclays £389 3
17 17 RBC Europe 2 £481 - 18 Rand Merchant Bank £352 1
17 17 Akur 2 £155 - 19 Bank of America Merrill Lynch £331 1
7 17 Winterflood 2 £89 - 20 Cenkos Securities £292 3
12 17 Peel Hunt 2 £48
17 17 Canaccord Genuity 2 £21
- 17 Gneiss Energy 2 £17
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 51 Reporting Accountants
League Tables 2020 Reporting Accountants
Reporting Accountants by Volume Top Reporting Accountants by Value
Ranking 2020 Volume & Value Ranking 2020 Value & Volume
2019 2020 Adviser Volume Value (£m) 2019 2020 Adviser Value (£m) Volume
1 1 BDO 21 £3,336 6 1 Ernst & Young £8,518 11
2 2 PricewaterhouseCoopers 15 £6,544 2 2 PricewaterhouseCoopers £6,544 15
5 3 Ernst & Young 11 £8,518 4 3 BDO £3,336 21
4 4 KPMG 10 £1,240 - 4 ShineWing £1,538 1
- 5 PKF 5 £78 1 5 KPMG £1,240 10
8 6 RSM International 4 £163 3 6 Deloitte £183 2
7 6 Crowe 4 £105 7 7 RSM International £163 4
6 8 Grant Thornton 3 £145 5 8 Grant Thornton £145 3
3 9 Deloitte 2 £183 9 9 Crowe £105 4
8 9 Jeffreys Henry 2 £15 - 10 PKF £78 5
- 11 ShineWing 1 £1,538 - 11 FW Smith, Riches & Co £60 1
- 11 FW Smith, Riches & Co 1 £60 11 12 Jeffreys Henry £15 2
- 11 RMT Accountants & Business Advisors 1 £8 - 13 RMT Accountants & Business Advisors £8 1
perfectinfo.com Perfect Information ECMi Report 2020 League Tables 2020 52 Financial PR Firms
League Tables 2020 Financial PR Firms
Financial PR Firms by Volume (min. 4 deals) Top 20 Financial PR Firms by Value
Ranking 2020 Volume & Value Ranking 2020 Value & Volume
2019 2020 Adviser Volume Value (£m) 2019 2020 Adviser Value (£m) Volume
1 1 FTI Consulting 46 £7,495 1 1 FTI Consulting £7,495 46
2 2 Buchanan Communications 19 £1,232 2 2 Brunswick £6,461 11
2 3 Camarco 18 £928 3 3 Finsbury £4,049 9
8 4 Walbrook PR 15 £253 5 4 Tulchan Communications £3,447 12
5 5 Tulchan Communications 12 £3,447 38 5 Drury Porter Novelli £2,023 3
10 5 MHP Communications 12 £934 15 6 Instinctif Partners £2,011 10
10 5 Alma PR 12 £327 8 7 Teneo Blue Rubicon £1,923 7
10 8 Brunswick 11 £6,461 7 8 Maitland £1,284 8
4 9 Instinctif Partners 10 £2,011 6 9 Buchanan Communications £1,232 19
17 10 Finsbury 9 £4,049 9 10 Headland £1,149 4
10 10 Consilium Strategic Communications 9 £267 10 11 Powerscourt £946 8
10 12 Maitland 8 £1,284 21 12 MHP Communications £934 12
10 12 Powerscourt 8 £946 16 13 Camarco £928 18
17 14 Teneo Blue Rubicon 7 £1,923 47 14 Haggie Partners £821 1
6 15 Tavistock Communications 6 £436 18 15 Tavistock Communications £436 6
17 15 TB Cardew 6 £365 14 16 The Outside Organisation £426 2
9 17 Yellow Jersey 5 £82 41 17 Quill PR £400 1
22 18 Headland 4 £1,149 13 18 TB Cardew £365 6
22 18 Newgate Communications 4 £128 30 19 Alma PR £327 12
- 18 Houston 4 £126 24 20 Consilium Strategic Communications £267 9
17 18 Belvedere Communications 4 £85
22 18 Hudson Sandler 4 £58
17 18 Blytheweigh 4 £43
perfectinfo.com Perfect Information ECMi Report 2020 Criteria 53
Criteria
The minimum deal size for a transaction to be included in this report is £5 Where a transaction has more than one bookrunning manager, the deal million. value will be split equally between the number of bookrunners disclosed. All will receive full credit (in terms of volume) for participating. For all All figures contained within the document are accurate as of 4th January other league tables, the full deal value is allotted to each adviser 2021. Any amendments to transaction sizes and advisory roles after this involved. date have not been recorded. Only legal advisers to the company and the banks as to English law have The dataset only includes offerings made within the UK, and listed on a been recorded. London market. A Russian company that issues shares on the MICEX and then admits GDRs to the main market to be issued from time to time Deals are assigned to banks based on who managed the bookrunning against the deposit of shares will not be included. An offering of GDRs of process. Co-managers or other junior syndicate members do not receive £5m+ within the UK will. credit for deals where there are lead or joint bookrunners disclosed. For this reason, only capital raisings are included in the league tables (no The announcement of the transaction must have been made between 01 debt for equity swaps, reverse takeovers or vendor placings). January 2020 and 31 December 2020. If a deal was announced duringthis period then it is irrelevant that it was completed outside of the Many deals, generally where no formal offer document is printed, do not timeframe or is still pending completion. disclose one or both legal advisers. We have attempted to gather as much missing information as possible by contacting the issuers and Primary transactions are defined as the issue or sale of shares on a financial PR firms, and consulting banks’ and law firms’ websites, however market where the company was previously not listed. This includes this was not possible for all deals completed in 2020. This should be placings of new and existing shares, reverse takeovers, and retail offers. remembered when analysing the tables. IPOs are those primary transactions listed above, excluding vendor placings and reverse takeovers. In order to be classified as an IPO, the In order to calculate the total transaction size, we use the total number of deal must involve the issue/sale of shares in exchange for cash. new shares issued/sold times the issue price, (including any partial or full exercise of an over-allotment or similar option). Secondary transactions are defined as the issue or sale of shares on a market where the company is already listed. This includes the above offer SFS and HGS deals are treated as a part of the Main Market data. types as well as open offers and rights issues. Information disclosed on lock-ups refers to both hard and soft lockups, Only formal, bank-led transactions with bookrunners are eligible for with the total number of days based on the date the lock-up came into rankings. force, until the last disclosed lock-up expired. Shareholder lock-ups do not include those entered into by directors. Tables and graphs in this report do not include pulled/lapsed transactions. A deal is considered hard underwritten when at least 50% of the value of the total fundraising has been hard underwritten. Transactions not denominated in Pound Sterling have been converted to Pound Sterling using the Bank of England’s exchange rate on the day prior to the announcement of the deal.
All sector information is aligned to Industry Classification Benchmark (ICB) sector classifications.
perfectinfo.com Perfect Information ECMi Report 2020 Contacts 54
Contacts
ECM Insight Head of Equity and Content Architecture Senior ECM Analyst Simon Hancock Pravin Patil [email protected] [email protected] +44 (0) 203 741 1171
ECM Analyst Managing Director Jui Prabhu Raouf Fria [email protected] [email protected] +44 (0) 203 741 1169
perfectinfo.com Perfect Information ECMi Report 2020 55
Perfect Information is an Acuris company
Established in 1991 and headquartered in London, Perfect Information, a member EMEA Americas Asia of the global media group, Acuris, is a provider of analysis and insight on the 10 Queen Street Place 1501 Broadway 8th Floor 16/F Grand Millennium global quoted company population. Perfect Information serves the business London EC4R 1BE New York, NY 10036 Plaza 181 Queen’s Road information needs of over 70,000 contracted users within the global financial, United Kingdom USA Central Hong Kong legal and professional services communities. Products include Filings Expert, +44 203 741 1000 +1 212 686 5606 + 852 2158 9790 Debt Expert, Statutory Data, M&A Insight and ECM Insight.
For more information about Perfect Information and ECM Insight, please visit www.perfectinfo.com/product_ecmi.asp or contact us at [email protected] or on +44 (0)20 7892 4299
perfectinfo.com