{"id":149691,"date":"2020-05-19T19:00:47","date_gmt":"2020-05-19T19:00:47","guid":{"rendered":"https:\/\/www.bnreport.com\/compass-makes-history-with-fundraising-and-opens-door-for-more-smaller-investors\/"},"modified":"2020-05-19T19:00:47","modified_gmt":"2020-05-19T19:00:47","slug":"compass-makes-history-with-fundraising-and-opens-door-for-more-smaller-investors","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/compass-makes-history-with-fundraising-and-opens-door-for-more-smaller-investors\/","title":{"rendered":"Compass makes history with fundraising and opens door for more smaller investors"},"content":{"rendered":"

Compass Group<\/a> PLCs (LON:CPG<\/a>) planned fundraising will be the first FTSE 350 share issue since the coronavirus outbreak to give private investors a piece of the action.<\/p>\n

More importantly than that, the proposed \u00a32bn placing has included a retail investor offer via the PrimaryBid<\/a> platform, meaning it will be the first accelerated share placing by a FTSE 100 company ever to include a retail portion.<\/p>\n

It goes without saying that it is the largest total deal that PrimaryBid has worked on and may open the sluice gates to allow retail investors to take part in all big deals from now onwards.<\/p>\n

Compasss placing, which the caterer announced on Tuesday morning to strengthen its balance sheet during the coronavirus pandemic<\/a><\/strong>, takes the total to around \u00a36bn raised by London-listed companies since the start of March.<\/p>\n

Because of the pandemic, private investors have been locked out of most of all but a few deals, with only SRT Marine Systems (LON:SRT<\/a>), Inland Homes PLC<\/a> (LON:INL<\/a>) and Xeros Technology Group PLC<\/a> (LON:XSG<\/a>) having used PrimaryBid this year.<\/p>\n

What's made things worse during this crisis is that since early April, the Financial Conduct Authority backed a move for the normal pre-emption rules, which give all existing shareholders first refusal on issues of new shares above 5% of a companys total share capital, to be relaxed for issues up to 20% until September.<\/p>\n

While understandable amid the urgent need for liquidity, it prompted a warning that \u201cUK retail investors are not receiving their entitlements to participate in these often discounted fundraisings<\/a><\/strong>\u201d in an open letter sent by PrimaryBid and senior City figures from the likes of Hargreaves Lansdown, AJ Bell, Standard Life Aberdeen, Interactive Investor, The Share Centre, and several shareholder groups to the chief executives of all listed UK PLCs.<\/p>\n

Landmark event<\/strong>[hhmc]
\n<\/h4>\n

\u201cThat its the first time a FTSE 100 retail offer has been part of an accelerated placing is in itself a landmark event for the capital markets industry and Im delighted that we played a part in making that happen,\u201d James Deal, chief operating officer of PrimaryBid, told Proactive.<\/p>\n

Compass is the first blue chip company to \u201crespect all shareholder rights\u201d by choosing to add a retail tranche to an accelerated institutional placing, Deal adds.<\/p>\n

After the platform worked with five of the last six major fundraisings but saw companies get \u201cspooked\u201d at the last minute, he was optimistic that the tide was changing.<\/p>\n

\u201cWhat this deal does is that it puts to bed any of those concerns, whether its around liability or process or documentation, and thats a good thing.\u201d<\/p>\n

\u201cIve had six calls today from different banks who have prospects they want to bring to us, so that's a signal. And we have a pipeline of 30-40 companies who want to use us between now and the end of the year \u2014 and thats for a mixture of existing listed companies, IPORead More \u2013 Source<\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

Proactiveinvestors<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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