Danette Antao
Danette is a senior knowledge lawyer in the corporate finance practice in Hogan Lovells' London office. She has a particular focus on legal and regulatory developments concerning the UK's equity capital markets.
Practice Area
Panel
- Contributing Author
4 Contributions by Danette Antao
PRACTICE NOTES
London Stock Exchange Main Market High Growth Segment (UK): eligibility, prospectus disclosures, continuing obligations, transactions, key adviser role, cancellation and transition to Official List; archived overview and closure in 2024
ARCHIVED
This Practice Note is archived and no longer updated. On 27 March 2013, the London Stock Exchange (LSE) unveiled the High Growth Segment of its Main Market (HGS). The LSE closed the HGS on 29 July 2024 after amendments to the listing rules, particularly changes to the shares in public hands requirement, rendered the HGS unnecessary.
Background
The HGS was conceived as a springboard for high-growth UK and European companies with bold expansion plans and a possible route to the Official List (Official List) of the Financial Conduct Authority (FCA). The HGS enabled a company to:
secure funding on a public marketplace
implement suitable standards of investor protection
generally put their affairs in order before they qualify for a listing on the Official List
The HGS sat alongside the LSE’s main market for listed securities (Main Market) and AIM, widening the choice of fundraising options for businesses seeking new capital. Its introduction answered market demand for a fresh route into the equities market for UK and European companies seeking...
Corporate
PRACTICE NOTES
UK cash box placings: structure, implementation steps, documentation, PEG pre-emption limits, prospectus regime (including 2026 reforms), merger relief and market trends
STOP PRESS
Major changes to the UK prospectus framework took effect on 19 January 2026. The updated regime for public offers of securities and for admissions to trading in the UK is contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. These reforms aim to streamline fundraising and markedly cut the instances when a company must produce an FCA-approved prospectus for a subsequent share issue, and in the UK reduce prospectus requirements accordingly. For comprehensive details of the amendments, see Practice Note: UK prospectus regime reform. This Practice Note records the prospectus regime as it stood before 19 January 2026. It also outlines the cash box structure and the rationale for its deployment in relation to a proposed placing by a public limited company incorporated in the UK, admitted to listing on the Official List of the Financial Conduct Authority (FCA) and to trading on the Main Market of the London Stock Exchange (Main Market)...
Corporate
PRACTICE NOTES
UK equity offerings by overseas issuers: financial promotion and prospectus regimes, exemptions, advertisements, and AFME-based sample selling restrictions
STOP PRESS
Major changes to the UK prospectus framework took effect on 19 January 2026. The fresh regime for public securities offers and UK admissions to trading sits mainly in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules are repealed. The package aims to streamline capital raising and markedly cut the instances where an issuer must produce an FCA approved prospectus for a further share issue. For comprehensive detail see Practice Note: UK prospectus regime reform. This Practice Note describes the regime that applied before 19 January 2026.
What are the purpose of selling restrictions?
Buying financial instruments, such as equity securities (for example, shares), can be intricate and outcomes uncertain, especially for less experienced investors. Prospective investors are likely to depend on information contained in marketing materials and offer documentation when deciding whether to invest. Companies seeking to offer shares to UK investors...
Corporate
PRACTICE NOTES
UK regime for Regulatory Information Services (RIS) and Primary Information Providers (PIPs): FCA approval, DTR 8 duties, supervision and issuer disclosure requirements
This Practice Note examines the regulatory information services regime through which an issuer (whose transferable securities are admitted to trading on a UK regulated market) must make regulated information public. It focuses on the functions of the regulatory information service (RIS) and primary information provider (PIP), and outlines the principal continuing obligations, together with the approval process and supervisory framework for a PIP.
What is regulated information?
Regulated information covers all information that an issuer, or any other person who has sought admission of financial instruments to trading on a regulated market without the issuer’s agreement, is required to disclose under:
the Disclosure Guidance and Transparency Rules (DTR);
articles 17 to 19 of Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation);
the UK Listing Rules (UKLR).
This includes inside information, financial results and disclosures of trading in shares. Such information must be released in a manner that enables dissemination to the widest possible public, and as close to simultaneously as possible in the UK.
Why appoint a RIS?
Under the DTR, an issuer has an obligation to release regulated information to...
Corporate
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