IPOs and listings 
For over 15 years, Michael has been advising growing companies, underwriting banks, shareholders and investors on IPOs and listings of companies on the London Stock Exchange and other international stock exchanges.
Recent experience includes advising on the IPOs of CAB Payments and Ithaca Energy – among the largest to complete in the UK in 2023 and 2022 respectively. He has also advised on IPOs for DWF Group, Quilter, China Yangtze Power, Sensyne Health, McCarthy & Stone, Equiniti, Circassia Pharmaceuticals, Softcat, Kuwait Energy, Ophir Energy, Hibernia REIT, Spire Healthcare, Poundland and many more.

Secondary offers and follow-ons 
Michael also advises listed companies, underwriting banks and selling shareholders across the globe on rights issues, open offers, placings, block trades and other strategic equity-related and corporate finance transactions. This includes capital raisings, public M&A, demergers and spin offs, redomiciliations and reorganisations.
Recent examples include advising a leisure, travel and tourism company on four significant capital raisings including its recent EUR1.8bn rights issue – the largest in London since 2020 – and on significant rights issues and open offers for TP ICAP, Marks & Spencer, Sirius Minerals, Energias de Portugal (EDP), Cobham and Equiniti.
He has also advised on other capital raisings for companies including Ocado, Hiscox and The Cooperative Bank, as well as on a significant number of accelerated block trades.

Corporate governance
Michael acts as adviser to listed and private companies on a multitude of corporate governance matters, such as compliance with listing rules and other securities laws, directors’ duties, board effectiveness, internal procedures and controls, corporate reporting and investor engagement.

Growth capital
As an involved member of Allen & Overy’s growth capital and EC/VC group, Michael advises private companies on capital raisings from Series B onwards, in addition to supporting those companies to IPO and beyond.
CAB Payments on its GBP851.4m IPO on the London Stock Exchange.
Delek Group as selling shareholder on the GBP 2.5 billion IPO and premium listing on the London Stock Exchange’s main market of its portfolio company, Ithaca Energy.
A leisure, travel and tourism company , the leading global tourism group, which is premium-listed on the London Stock Exchange and in Germany, on three rights issues and a placing since 2020 to raise over EUR3.5bn, including its most recent EUR1.8bn capital increase – this was the largest in the London market since 2020.
SFPI-FPIM, a Belgian government-owned investment company, on its USD2.3bn accelerated block trade of shares in BNP Paribas.
SPEAR Investments I and its sponsors, AZ Capital and STJ Advisors, on its EUR175m SPAC IPO on Euronext Amsterdam.
Ocado Group on its GBP578m equity placing on the London Stock Exchange.
TP ICAP on its re-domiciliation to Jersey (including a scheme of arrangement and re-admission to trading on the London Stock Exchange), Class 1 acquisition of Liquidnet, a leading global electronic trading network for institutional investors, for a consideration of between USD575m and USD700m and related USD420m rights issue.
Hiscox on its GBP375m cashbox placing of new ordinary shares by way of an accelerated bookbuild.
Direct Line Group on the Class 1 approval requirements and its Listing Rules obligations in connection with the GBP520 million sale of its brokered commercial insurance business to RSA.
CAB Payments on its GBP 851.4 million IPO on the London Stock Exchange.
Delek Group as selling shareholder on the GBP 2.5 billion IPO on the London Stock Exchange of its portfolio company, Ithaca Energy.
A leading global tourism group, on three rights issues and a placing since 2020 to raise over EUR 3.5 billion, including its most recent EUR 1.8 billion capital increase.
SFPI-FPIM, a Belgian government-owned investment company, on its USD 2.3 billion accelerated block trade of shares in BNP Paribas.
Ocado Group on its GBP578 million equity placing on the London Stock Exchange.
TP ICAP on its re-domiciliation to Jersey (including a scheme of arrangement and re-admission to trading on the London Stock Exchange), on its USD700 million Class 1 acquisition of Liquidnet, a leading global electronic trading network for institutional investors, and on a related c.USD 420 million rights issue to part-finance the acquisition.
Hiscox on its GBP 375 million equity placing on the London Stock Exchange.
Marks & Spencer on its GBP 750 million joint venture with Ocado and related GBP 601.3 million rights issue.
DWF, the first law firm to list on the premium listing segment of the Official List and largest listed law firm, on its GBP 366 million IPO on the London Stock Exchange.
Sensyne Health, an artificial intelligence-based digital healthcare company, on its GBP 225 million IPO on the AIM market of the London Stock Exchange.
Sirius Minerals on its USD 1.1 billion Stage 1 financing plan, including a placing and open offer, its AIM de-listing and step up to a premium listing on the London Stock Exchange, and on its USD 3.8 billion Stage 2 financing plan, including a placing and open offer.
Quilter on its demerger from the Old Mutual group of companies and associated GBP 2.8 billion IPO on the London Stock Exchange and the Johannesburg Stock Exchange.
McCarthy & Stone on its GBP 388 million IPO on the London Stock Exchange.
Cobham on its GBP 500 million and GBP 512 million rights issues.
Circassia Pharmaceuticals on its GBP 580 million IPO on the London Stock Exchange, its GBP 275 million placing and open offer in connection with the acquisitions of Aerocrine and Prosonix, and its de-listing from a premium listing on the London Stock Exchange and subsequent admission to the AIM market of the London Stock Exchange.
Tullet Prebon on its GBP1.1 billion reverse takeover of ICAP’s global hybrid voice broking and information business.
A leisure, travel and tourism company on its recommended all-share merger with a subsidiary of a leisure, travel and tourism company, and contemporaneous listing of the leisure, travel and tourism company on the London Stock Exchange.
A multinational insurance company on its GBP5.6 billion recommended all-share acquisition of listed life insurance specialist Friend Life Group Limited.
Kuwait Energy on its proposed IPO on the London Stock Exchange and USD 650 million acquisition by United Energy Group.
Equiniti on its GBP 317 million IPO on the London Stock Exchange and its subsequent GBP 200 million rights issue (underwriters’ counsel).
Softcat on its GBP 153 million IPO on the London Stock Exchange (underwriters’ counsel).
Spire Healthcare on its GBP 842 million IPO on the London Stock Exchange (underwriters’ counsel).