Government welcomes Lord Hill’s review on UK listings in Budget

Hear from Karim Haji and Linda Main

Hear from Karim Haji and Linda Main

Karim Haji, head of financial services at KPMG UK, said: “The proposals, such as changes to listing rules, may look like tinkering round the edges, but in fact have the potential to provide a timely fillip to the City of London.

“Relaxing the rules on dual-class shares and the minimum level of free float are about providing entrepreneurs and investors with more flexibility and the incentive to raise and invest their capital here in the UK, which in turn helps the economy. When successful UK companies feel it is more beneficial to list in New York or elsewhere, it is very logical to consider how we can ensure London remains a world-class financial market that attracts the best businesses.

“Of course, a key driving factor in this is Brexit. There now appears to be a willingness to take advantage of the additional flexibility offered by being outside the bloc to boost London’s competitiveness on the global stage.”

Linda Main, head of capital markets advisory at KPMG UK, added: “However controversial, Spacs are providing an alternative mechanism for companies to access the public markets. The changes proposed are positive because they seek to put London on a level footing with other global financial hubs, principally New York.

“That said, there’s an element of “buyer beware” here. The people behind Spacs usually enjoy very good returns. It’s contingent on investors to take this into account when deciding whether to participate.”




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