Download Using Deal analysis

Using Deal analysis
Deal Analysis covers a range of deal types, providing a detailed analysis of deal documents. In
relation to specific deal types, transactions are only covered if the minimum consideration of the
transaction meets certain thresholds. Deal Analysis also covers certain deals considered to be
noteworthy, even if such deals do not meet the relevant minimum consideration threshold. Deals
are considered to be noteworthy if they contain unusual features, or are structured in a new and
interesting way.
Details of the deal types covered and the thresholds for inclusion in the Deal Analysis deal
summary database are as follows:
Deal Types
AGM notices
All Deal Type Search
Relevant Thresholds
The company must be a FTSE 350
company or an AIM 50 company (this
excludes closed-end investment funds).
This option allows you to search across all
UK deal types using a free text search.
The default search results are listed from
the most recent to the oldest transactions.
Delistings
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Demergers
The company must be leaving the
Main Market (and not transferring to
AIM) or the company must be leaving
AIM (and not transferring to the Main
Market).
Delistings in connection with a
takeover (subject to the Takeover
Code) will be covered in the
Takeovers deal type.
From October 2014, delistings in
connection with a takeover (not
subject to the Takeover Code) will no
longer becovered.
Noteworthy demergers by companies
trading on the Main Market or admitted to
trading on AIM.
Initial Public Offerings (IPOs)

The minimum market capitalisation on
admission to trading on the Main
Deal Types

Joint ventures
LR/AIM Rules transactions
Relevant Thresholds
Market must be £100 million.
The minimum market capitalisation on
admission to trading on AIM must be
£25 million.
Noteworthy joint ventures with a UK
element (ie one of the parties must have
shares listed on the Main Market or AIM).
The announcement must include a
sufficient level of information on the joint
venture.
This covers all Class 1 transactions on the
Main Market, substantial transactions on
AIM and related party transactions on
either AIM or the Main Market.
Reorganisations
To be covered, a reorganisation must be
noteworthy. A reorganisation for these
purposes is:
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An insertion of a new holding company
into a group (by scheme of
arrangement or otherwise)
A change of tax residence
A redomicile
A reduction of capital
A consolidation of shares (often done
with a sub-division of shares)
A sub-division of shares (often done
with a consolidation of shares)
Returns of value to shareholders
To be covered, a return of value must be
noteworthy. A return of value for these
purposes is a:
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Share buyback
Share scheme
Special dividend
Tender offer
Closed-end investment funds are not included.
Reverse takeovers
All reverse takeovers on the Main Market
and AIM.
Deal Types
Secondary offers
Relevant Thresholds
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Takeovers
Transfers from AIM to Main
Transfers from Main to AIM
The minimum consideration for a
secondary offer on either the Main
Market or AIM must be £10 million.
A secondary offer for these purposes
is a rights issue, placing, and/or open
offer.
The takeover must be of a company
admitted to trading on either the Main
Market or AIM, which is subject to the
CityCode on Takeovers and Mergers.
The minimum consideration for the
transfer must be £50 million or the transfer
must be noteworthy.
All transfers are covered.