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Capital markets

We advise companies listed on French stock exchanges to assist them in management-related functions and to ensure that they are in compliance with their permanent and periodical obligations.

We assist them in market operations and especially in the issue of securities as part of a public placement, as well as in the acquisition of blocks of securities and various kinds of public offers (takeover bids [OPAs], public offers to exchange [OPEs], public buyout offers followed by compulsory withdrawal [OPROs], etc.). We also help our clients in stock market disputes, during investigations and proceedings instigated by the AMF [Financial Markets Authority].

Our capital markets team is especially committed to small and medium-sized companies in the biotechnology, pharmacology and new technologies sectors and takes a highly pragmatic and professional approach to the financing problems such companies face, supporting them when they are floated on French stock exchanges (IPOs) and also in private placement operations.

Alerion is a founding member of the Association of Stock Market Lawyers.

Skills

Admission of company securities to trading on regulated and unregulated markers

- Stock market flotations by public offer or private placement and “technical” listing ;
- Relations with the AMF ;
- Relations with auditors, particularly when the issuer’s accounts are being brought into line with the IFRS accounting standards ;
- Introduction of management packages when the issuer is being floated on the stock exchange.

Operations involving the public offer of financial securities

- Takeover bids or exchanges of securities ;
- Public offers to withdraw ;
- Issues and admissions of complex investment securities of the OBSAR or OCEANE type ;
- Acquisitions of blocks of securities ;
- Taking minority stakes in listed companies and leveraged buy-outs [LBOs] of listed companies with the reinvestment of the managerial team.

Helping listed companies

- Secretarial services and advice at meetings of boards of directors, supervisory councils and general meetings ;
- Assistance with drafting registration documents ;
- Drafting the minutes of meetings of deliberating bodies ;
- Assistance and advice with the introduction of incentive schemes for management and employees (stock options, free share allocations, share subscription coupons [BSAs], programmed management mandates, etc.) ;
- Advice on the introduction of rules of governance and compliance and the formation of specific committees ;
- Introduction of share takeover programmes.

Important missions

- Assistance to a company specialising in the digital sector and listed on the regulated NYSE Euronext Paris market in the context of its alternative takeover bid, followed by a simplified takeover bid with compulsory withdrawal for a group with complementary activities (€100 million) ;
- Assistance to an industrial company listed on Alternext in the context of a leveraged management buyout [LMBO], followed by a simplified takeover bid initiated by the bidding entity ;
- Assistance to a biotechnology company in the context of successive calls for funding for an accumulated sum of over €60 million and then in the context of its floatation on the stock exchange (Euronext) ;
- Assistance to a biotechnology company with a shareholder investment fund in the context of its floatation on the stock exchange (Euronext) ;
- Admission to trading (Euronext) of share subscription warrants allocated free of charge to the shareholders of a listed company and their issue and admission alongside securities reserved for the management ;
- Assistance to a listed company (Alternext) in the context of the issue of a debenture loan by private placement (OCEANE) ;
- Assistance to a company listed on the free market in the context of its plan to withdraw from listing.