Equity markets take Prospectus Directive in their stride

Author: | Published: 1 Aug 2005

A number of domestic and cross-border equity deals complying with the Prospectus Directive (PD) have come to market in July and lawyers say the new regime is proving easy to navigate.

Initial public offerings (IPOs) on the London Stock Exchange in July by RHM, one of the UK's leading food producers, and Novatek, a Russian gas producer, were the first new equity deals in the UK to be closed in compliance with the PD, which came into effect on July 1. Banco Santander earlier completed a compliant secondary listing in London but did not issue new shares.

Skadden Arps Slate Meagher & Flom was involved in both IPOs. The firm represented RHM on its offering and advised underwriters Morgan Stanley, Credit Suisse and UBS in the Novatek offering. Latham & Watkins advised Novatek, while Allen & Overy represented sole bookrunner Credit Suisse and the co-lead managers in RHM's flotation....