Equity capital markets

Overview

We have an excellent track record in capital markets work. We operate a full service practice used to handling transactions regardless of size and complexity.

We act for issuers, sponsors, NOMADs, underwriters, management and shareholders. We therefore understand equity capital market (ECM) transactions from every angle.

Our team has significant experience of the UK regulatory regime.

As a result of our recognised expertise in ECM work, we acted for Verizon as deal counsel in respect of its acquisition of the 45 per cent minority stake held by Vodafone in Verizon Wireless. This was the second largest corporate deal ever and involved the issue of $60bn of shares. Our role included advising on the structure of the transaction (including complex tax structuring) as well as the equity issuance.

We have an excellent track record of further capital raisings for clients following IPO including, most recently, rights issues for Asia Resource Minerals plc, e2v technologies plc, office2office plc and Imperial Innovations Group plc (in the latter case, acting for J.P. Morgan Securities), and institutional placings for Tarsus Group, Ceres Power, LXB Retail Properties, RSM Tenon Group, AcenciA and Signet.

Recognition

  • "Macfarlanes LLP’s practice is headed by ‘great communicator’ Robert Boyle and is active across a wide range of London stock market deals (including on the Main Market) for issuers, banks and shareholders."

    The UK Legal 500 2016

  • "Macfarlanes LLP attracts praise for its ‘combination of technical supremacy and excellent client service’."

    The UK Legal 500 2016

  • "It was very partner-led, they were very responsive and the quality of the advice was high. They represented very good value for money."

    Chambers UK 2016

  • “We could not have asked for more from the Macfarlanes team. Every member of the team surpassed our expectations and we were just delighted with the level of service that they provided. They helped develop a structure that met all of our key commercial goals and give effect to a very successful transaction. As a result of their outstanding performance, we felt entirely comfortable using an unfamiliar UK structure to deliver a transformational deal for our company. They are our go-to UK corporate counsel.”

    Bill Horton, Senior Vice President, Deputy General Counsel, Verizon

  • “Robert Boyle led the Macfarlanes team on the recent IPO of LXB Retail Properties plc. Ours was a complex transaction demanding the highest level of legal support. Macfarlanes clearly demonstrated technical excellence but what really stood out was how that excellence was delivered in practice. The team’s constant focus on delivering what we needed, when we needed it and on providing high level commercial insight and pragmatic advice simply reinforced our experience of Macfarlanes’ ‘can do’ approach in all areas.”

    Brendan O’Grady, Partner, LXB Manager

  • “Harry Coghill and the Macfarlanes team worked on our recent IPO. They were focused on what we needed and when we needed it. The partners were readily accessible - day and night - and heavily involved in the transaction. They reduced complicated issues so they could be easily understood and resolved, providing high level commercial insight and pragmatic advice.”

    Benedict Smith, former Finance Director, Game Digital plc

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