Ecmi Report Q1 2020
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An Acuris Company A unique look at UK ECM activity in the first quarter of 2020. April 2020 ECMi Report Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 Introduction 2 Welcome to Perfect Information’s ECM Insight (“ECMi”) market analysis report for Q1 2020. This report takes a unique look at UK ECM activity and examines the factors that have shaped market behaviour during the period. The information contained within is based solely on UK markets, providing a more in-depth examination than similar reviews focused on EMEA. Pravin Patil Senior ECM Analyst 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 Q1 2020 Contents 3 A unique look at UK ECM activity throughout the first quarter of 2020. Edited by Pravin Patil, Senior ECM Analyst ECM Insight & Report Methodology 04 Banks AIM 21 Overview 05 Legal Advisers 22 ECM Q1 2020 06 Legal Advisers AIM 23 Top 5 UK Deals & Top 5 AIM Deals 07 Financial Advisers 24 UK ECM Breakdown 08 Reporting Accountants 25 Total Volume & Total Value 09 Financial PR Firms 26 Top 5 IPOs & UK IPO Breakdown 10 Criteria 27 Sector Analysis 11 Contacts 28 Q1 2019 / Q1 2020 12 Q1 2019 / Q1 2020 AIM 13 Fees 14 Average Commission Breakdown 15 Average Discretionary Commission Breakdown 16 Average Commission 17 Fee Disclosure 18 League Tables 19 Banks 20 perfectinfo.com Perfect Information ECMi Report Q1 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 all external sources that have been used are referenced within the UK transactions above £5 million, with the dataset now going document and relate to historical share pricing and index and back to 1st January 2016. All of the data on which this report is transaction values. 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 Q1 2020 Q1 2019 Overview 5 A general overview of market activity in the UK in Q1 2020. Overview perfectinfo.com Perfect Information ECMi Report Q1 2020 ECM Q1 2020 6 Highlights Barclays topped their respective ECM Q1 2020 - Highlights League Tables for Volume and Value, after having missed the top 10 in Q1 2019. CMS Cameron McKenna Nabarro Olswang repeat their Q1 2019 success by topping League Tables for Volume. Company Notes Largest IPO Calisen plc £337.40 million - January Largest ECM Deal Hargreaves Lansdown plc £550 million ABB (sale) - February Top Sector Financials 29.03% of total ECM Deals Busiest Month January/March 34% of total ECM Deals each Company Volume Highlights Liberum Capital/Barclays Led the UK ECM Senior Bookrunner rankings FinnCap/Liberum Capital Led the UK ECM Senior Bookrunner rankings - AIM Pinsent Masons/CMS Cameron McKenna Nabarro Olswang Led the UK ECM Legal Adviser rankings Pinsent Masons Led the UK ECM Legal Adviser rankings - AIM Evercore/N M Rothschild & Sons Led the UK ECM Financial Adviser rankings Ernst & Young/KPMG/Deloitte/BDO/PricewaterhouseCoopers Led the UK ECM Reporting Accountant rankings Walbrook PR/Alma PR/Camarco/FTI Consulting/MHP Led the UK ECM Financial PR rankings Communications Company Value Highlights Barclays Led the UK ECM Senior Bookrunner rankings Peel Hunt Led the UK ECM Senior Bookrunner rankings - AIM Freshfields Bruckhaus Deringer/Linklaters Led the UK ECM Legal Adviser rankings Stephenson Harwood Led the UK ECM Legal Adviser rankings - AIM Evercore Led the UK ECM Financial Adviser rankings Ernst & Young Led the UK ECM Reporting Accountant rankings Tulchan Communications Led the UK ECM Financial PR rankings perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 7 Top 5 UK Deals & Top 5 AIM Deals Two fundraisings were pulled in Top 5 Deals Q1 2020 (AVI Japan Opportunity Trust plc and Ninety One plc), the same number as in Q1 2019. (3% of total deals). Top 5 UK Deals Rank Company Transaction Size Offer Type Announcement Date 1 Hargreaves Lansdown plc GBP 550,000,000 ABB (sale) 06 February 2020 2 Aston Martin Lagonda Global Holdings plc GBP 535,803,468 Subscription and rights issue 31 January 2020 3 Wizz Air Holdings Plc GBP 499,999,996 ABB (sale) 03 February 2020 4 Premier Oil plc GBP 381,039,476 Rights issue and placing 07 January 2020 5 NMC Health plc GBP 374,400,000 ABB (sale) 07 January 2020 Top 5 AIM Deals Rank Company Transaction Size Offer Type Announcement Date 1 Urban Logistics REIT plc GBP 136,097,241 Placing, public offer and open offer 10 February 2020 2 IG Design Group PLC GBP 120,000,005 ABB 20 January 2020 3 Warehouse REIT plc GBP 100,000,000 Placing, open offer, public offer and intermediaries offer 17 February 2020 4 Inspecs Group plc GBP 94,034,437 IPO, placing and placing (sale) 13 February 2020 5 FRP Advisory Group plc GBP 80,000,000 IPO, placing and placing (sale) 21 February 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 8 UK ECM Breakdown 6.45% of all deals on the LSE in UK ECM Breakdown Q1 2020 derived from foreign issuers (£180 million), lower than the respective 10.77% in Q1 2019 (£303 million); a 40.39% decrease. UK ECM Deals Q1 2019 Q1 2020 % Change Main Market AIM Main Market AIM Main Market AIM Total Volume 28 37 28 34 0.00% -8.11% Total Value (£m) £7,978 £1,507 £4,716 £985 -40.89% -34.63% Average (£m) £285 £41 £168 £29 -40.89% -28.87% Median (£m) £136 £12 £101 £13 -25.31% 2.33% Volume/Value Breakdown Q1 2019 Q1 2020 Main Market AIM Main Market AIM Volume Breakdown 43.08% 56.92% 45.16% 54.84% Value Breakdown 84.11% 15.89% 82.72% 17.28% perfectinfo.com Perfect Information ECMi Report Q1 2020 Total Volume 9 & Total Value Total Volume Total Value (£m) 70 £10,000 £9,500 60 £9,000 50 £8,500 £8,000 40 £9,485 £7,500 65 62 Total Volume Total 30 Total Value (£m) Value Total £7,000 £6,500 20 £6,000 10 £5,500 £5,700 0 £5,000 Q1 2019 Q1 2020 Q1 2019 Q1 2020 perfectinfo.com Perfect Information ECMi Report Q1 2020 Top 5 Deals 10 Top 5 IPOs & UK IPO Breakdown IPOs in Q1 2020 increased by Top 5 IPOs 20% but total value decreased by 41.26%. Funds raised from & UK IPO Breakdown AIM IPOs increased to 16.05% of total IPO value. Top 5 IPOs Rank Company Transaction Size Announcement Date 1 Calisen plc GBP 337,401,077 09 January 2020 2 DRI Healthcare Plc GBP 269,749,518 12 February 2020 3 Cabot Square Alternatives PLC GBP 200,000,000 27 January 2020 4 Nippon Active Value Fund PLC GBP 103,000,000 07 January 2020 5 Inspecs Group plc GBP 94,034,437 13 February 2020 UK IPOs Q1 2019 Q1 2020 % Change Main Market AIM Main Market AIM Main Market AIM Total Volume 4 1 4 2 0.00% 100.00% Total Value (£m) £1,825 £21 £910 £174 -50.13% 738.72% Average (£m) £456 £21 £228 £87 -50.13% 319.36% Median (£m) £256 £21 £235 £87 -8.25% 319.36% Volume/Value Breakdown Q1 2019 Q1 2020 Main Market AIM Main Market AIM Volume Breakdown 80.00% 20.00% 66.67% 33.33% Value Breakdown 98.88% 1.12% 83.95% 16.05% perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 11 Q1 2010 trends by industry. Sector Analysis perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 12 Q1 2019 / Q1 2020 Q1 2019 UK Sector Breakdown Q1 2020 UK Sector Breakdown 7.69% 1.61% 6.45% 10.77% 3.23% 9.23% 29.03% 17.74% 13.85% 38.46% 3.08% 9.68% 3.23% 7.69% 14.52% 7.69% 14.52% 1.54% Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services Utilities Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2020 Sector Analysis 13 Q1 2019 / Q1 2020 AIM Q1 2019 UK AIM Sector Breakdown Q1 2020 UK AIM Sector Breakdown 2.94% 8.82% 13.51% 16.22% 14.71% 2.94% 8.11% 2.94% 23.53% 18.92% 11.76% 18.92% 2.70% 5.41% 20.59% 11.76% 5.41% 10.81% Oil & Gas Basic Materials Industrials Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Services Consumer Goods Health Care Consumer Services Utilities Financials Technology Telecommunications Financials Technology perfectinfo.com Perfect Information ECMi Report Q1 2020 Fees 14 An overview of fee disclosure in Q1 2020.