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GLOSSARY

Accelerated bookbuild definition

Published by a LexisNexis Corporate expert

What does Accelerated bookbuild mean?

A way of placing shares with investors in a short space of time once the announcement of the proposed fundraising has been released with little or no marketing. Legally binding commitments to take up shares are received by the broker/investment banks from investors over the telephone once the announcement of the fundraising has been made and the fundraising is usually closed on the same day it was announced.

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Secondary Offers in 2019—Main Market and AIM

Secondary Offers in 2019—Main Market and AIM Lexis+® UK Corporate and Market Standards 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...

Equity capital markets—glossary of terms

Equity capital markets—glossary of terms A Term Definition ABI See Association of British Insurers. Accelerated bookbuild or ABB A way of placing shares with investors in a short space of time once the announcement of the proposed fundraising has been released with little or no marketing. Legally binding commitments to take up shares are received by the broker/investment banks from investors over the telephone once the announcement of the fundraising has been made and the fundraising is usually closed on the same day it was announced. Admission In general, the admission of securities to trading on an exchange. The term is usually used more specifically to mean (1) the admission of securities to trading on AIM or (2) the admission of securities to trading on the Main Market and to listing on the Official List.See also admission to listing and admission to trading. Admission and disclosure standards The rulebook published by the London Stock Exchange for companies with securities admitted to...

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Ireland—Department of Finance disposes another part of State stake in AIB Group plc

The Minister for Finance, Michael McGrath, welcomed another successful disposal of part of the Irish State’s shareholding in AIB Group plc (‘AIB’) through an accelerated bookbuild (‘ABB’) transaction. The government has disposed shares due to its belief that banking should be provided by the private sector. Taxpayer funds which were used to rescue banks should be recovered and used for the benefit of Irish people.

Government completes further £1.1bn sell-down of its NatWest shareholding

HM Treasury has announced the £1.1bn sale of part of the government’s shareholding in NatWest Group plc (formerly the Royal Bank of Scotland Group plc). The chancellor of the exchequer, Rishi Sunak, authorised the sale of 580m shares in NatWest at 190p per share. This is the government’s fourth sale of its NatWest shareholding, and its second in two months, bringing its level of ownership down from 59.8% to 54.8%.

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