Secondary Liquidity in the UK – Key Legal Issues


July 20, 2017

Published by Morgan Lewis

NPM is proposing to provide an online platform and related services to UK-incorporated non-publicly quoted companies to assist them in the provision of liquidity to existing shareholders prior to such companies coming to market. The platform will be targeted at facilitating three types of secondary transaction: share buybacks; tender offers by third parties; and matched auction transactions. You have asked us to summarise the legal and regulatory regime applicable to the implementation of each type of transaction in relation to unquoted UK companies, and also to provide a summary of certain legal issues that should be considered in relation to use of NPM’s platform for these purposes…

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