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Articles by Alex Cuthbert
2 Minutes With... Nick Leigh
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Key Takeaways - Staking and Institutional Crypto Assets - Memery Crystal
Key takeaways from the discussion were: The election of Donald Trump and the elevation of Elon Musk potentially promise the development of a blockchain- and crypto-friendly environment, and a boom for the digital assets market, as we are already seeing. Staking and crypto ETFs are anticipated to be strong growth areas.
FCA issues guidance to issuers on
In particular, the FCA have provided some particular guidance on the use of social media, such as WhatsApp and other platforms that directors may use to communicate with shareholders and other key stakeholders. Identifying inside information Bulletin 52 considers three common scenarios where information may constitute insider information.
Decision time for the ECB as investment in The Hundred intensifies
County Cricket Even before the sale of any interests in any franchise of The Hundred, cricket has opened itself to international investors. In September, Hampshire County Cricket Club (“Hampshire”) became the first county cricket club to secure overseas investment, having been acquired (albeit in phases) by GMR Global Pte Ltd (“GGPL”), the co-owners of the Indian Premier League (“IPL”) franchise, Delhi Capitals.
2 Minutes with Lucie Burniston
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Takeover Panel narrows scope of companies subject to the Code
On 24 April 2024, in Public Consultation Paper 2024/1 (“PCP 2024/1”) the Code Committee of the Takeover Panel (the “Code Committee”) proposed to narrow the scope of the companies to which the Takeover Code (the “Code”) applies.
Memery Crystal advises Oberoi on acquisition of Mayfair hotel site
The important site is located in Mayfair and forms the cornerstone of Grosvenor’s £500m South Molton Triangle redevelopment. The UK legal aspects of the transaction were led by Matthew Lindsay, co-Head of Banking & Finance, with the property aspects of the transaction being coordinated by Sam Silverman and Matthew Hind, both Partners in the Real Estate department. Additional support was provided by Anukrit Bhargava, Associate, and Karkay Lee, Solicitor.
Autumn Budget 2024 – National Insurance Contributions - Memery Crystal
In the Budget, the Chancellor reiterated she had stuck to Labour’s manifesto pledge by refusing to increase taxes on “working people” – by not increasing rates of income tax, employee National Insurance Contributions (NICs) and VAT. However, whilst not increasing employee NICs, the Budget did increase (from 13.8% to 15%) employer NICs and also reduced the threshold annual salary (from £9,100 to £5,000) at which employers start to pay NICs for each employee.
Term Sheet Top Tips (with Lucie Burniston)
At a glance In this video, Memery Crystal Corporate Partner, Lucie Burniston, runs through her top tips for Seed to Series A fundraising term sheets, covering: term sheet basics; valuation; future dilution; drag/tag; board members; and leaver provisions. To find out more about Memery Crystal’s corporate offering, click here.
Memery Crystal advises Zeus Capital on £7.5m Selkirk AIM listing
Selkirk, for which Zeus acts as financial adviser and nominated adviser, is an investing company, which has raised £7.5m in order to pursue future investment opportunities in the tech consumer, technology and digital media sectors. It is envisaged that the first investment will be in a company with an enterprise value of between £30 million and £1 billion.
FinReg Update: FCA Cracks Down on Finfluencers
In the last 10-15 years, the power of individuals to achieve wide reach without using traditional media has ballooned: ‘influencers’ can now build large followings on social media and reach a huge audience. Influencers are not only perceived as glamorous or aspirational to their followers: many of them are also figures of genuine trust and authority.
The Autumn Budget and How It Impacts London’s Stock Exchanges
The end result, after months of speculation, was something of an anticlimax. Instead of removing the relief in its entirety, Rachel Reeves halved the relief. This means that, while AIM-traded shares previously attracted no inheritance tax, they will now attract a rate of 20% (assuming they are held for at least two years), instead of the full rate of 40%.
Wagatha Costie and the Detailed Assessment
It is a rare day when the question of legal costs becomes entangled with celebrity and bursts into the public consciousness. Stays at Nobu! Ransacking mini-bars! Triples all round! The latter at least in respect of legal costs, expanding from the budgeted £540,779 to the incurred £1.8m.
Memery Crystal obtains judgment in AlchemyBet copyright claim
The Defendants initially denied any copying. However, the Memery Crystal team put forward a detailed analysis of the code base for infringement and, based on Rogue’s front end codes for several of its games, the Defendants conceded that they would not be offering any evidence against the front-end claim. Memery Crystal’s litigation team therefore sought and obtained summary judgment in relation to that part of the infringement of copyright and breach of contract claim.
FCA Signals More Intense Approach to Consumer Duty Compliance
Background The Consumer Duty, which applies to a greater or lesser degree to all firms providing or interacting with the provision of retail financial services, was initially implemented on 31 July 2023. It was in the first instance only relevant to so-called “open products”, i.e. products (and services) being offered as of the implementation date to retail customers for subscription or renewal.
Employment Rights Bill – What Does It Mean For Employers? - Memery Crystal
The Bill introduces 28 reforms to employment law, and we have picked out the key ones to be aware of so that you know what’s coming, even if in most cases, actual change is some way off. Day one rights Some existing rights that currently have a qualifying period of service will become “day one” rights, so they will apply from the first day of employment. This includes paternity leave, parental leave (which is unpaid) and bereavement leave. However, the big one is unfair dismissal.
Memery Crystal advises
The net proceeds of the fundraising will be used by Ten to fund operational and working capital investment, including opening a new office in the USA, to support the launch of a new extra-large multi-year contract with an existing global client. The net proceeds will also be used to strengthen Ten’s balance sheet and enable Ten to pursue its pipeline while driving future growth and reducing cost of capital.
Memery Crystal advises Power Metal on Uranium Joint Venture
Power Metal is an AIM listed metals exploration company which finances and manages global resource projects. UCAM is a special purpose vehicle established by ACAM LP, which is a natural resource focused limited partnership and which has invested £10m into the joint venture. This was an inter-jurisdictional matter across both the UK and Canada, drawing on the Memery Crystal’s international experience, as well as its established expertise in the natural resources sector.
Rosenblatt settles High Court action for sports & leisure businesses
Rosenblatt is delighted to announce that it has successfully reached a settlement for its clients in relation to a claim issued against them in the High Court for misappropriation of shares and breach of company articles, as well as a claim for knowing receipt. Rosenblatt acted for two companies, both in the sports and leisure sector, as well as three shareholders/directors of these companies. The claim was made by a former employee and shareholder.
Amazon faces legal action as sellers funds are frozen unlawfully
Hundreds of Amazon sellers are believed to have had funds up to £300,000 each wrongly and unlawfully frozen by the e-commerce giant, totalling potentially tens of millions Sellers have taken to Amazon’s own forums, some telling the company they are facing bankruptcy – some have even tragically reported having suicidal thoughts as a result Left with no other option, sellers are now joining forces to bring legal action against Amazon in the UK to recover their money Any Amazon seller whose...
2 Minutes With... Tom Spiller OBE
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Birmingham City F.C. – Avoiding the Relegation Blues? - Memery Crystal
Following Birmingham City’s relegation from the Championship to League One, at the end of the 2023/2024 season, the club’s CEO, Garry Cook stated: “The comeback is always better than the setback.”[1] Since Cook’s statement, Birmingham City, backed by US-based investment firm, Knighthead, and seven-time Super Bowl winner, Tom Brady, have invested substantially in recent months in the pursuit of a return to the Championship (and perhaps even further to the Premier League); reportedly investing...
Memery Crystal advises GRE Finance on £7.9m loan facility
GRE Finance are a long-standing connection of Memery Crystal Partners, Steve Clinning and Laura Brown, and are real estate lenders with cross-sector expertise. They are committed to providing flexible debt funding solutions to support best in-class sponsors. The project was led by Steve Clinning, Partner, with support from Krittika Chavaly, Solicitor, and Alex Duncliffe-Vines, Associate.
Rumit Nanji Appointed to
Memery Crystal, the international multidisciplinary London-based law firm, part of RBG Holdings plc, is pleased to announce the appointment of Rumit Nanji to Joint Head of the Banking and Finance practice, effective immediately. Rumit, a Partner at the firm since 2016, will co-lead the department alongside Matthew Lindsay, Partner. Rumit Nanji specialises in property finance, private M&A, leveraged finance, and private equity.
7 Tips for Maintaining Privilege
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Memery Crystal advises Chariot Limited on
The Memery Crystal team was led by Corporate Partner Robert Bines-Black, who was assisted by Corporate Associate David McClellan and Trainee Solicitor Jack Rudgeley. The net proceeds of the fundraising will be used by Chariot to strengthen its balance sheet, secure a material new venture opportunity and progress onshore gas commercialisation plans in Morocco to build a gas to industry supply.
The Updated National Planning Policy Framework
The Secretary of State for Housing, Communities and Local Government, Angela Rayner, provided a written ministerial statement accompanying the release of the updated NPPF detailing an overview of Labour’s planning reforms which is available here.
Part 2) EU AI Act: Implications for UK Businesses & the Future of AI
In Part 1, we explained the scope, key principles, and penalties under the new EU AI Act (the “Act”), the most ambitious regulatory framework so far devised for artificial intelligence. In Part 2, we consider the obligations imposed on developers and users of AI systems and reflect on key legal and practical obstacles in the Act’s way. A: They differ between developers (Providers) and users (Deployers) of high-risk systems.
Consumer Duty: A New Deadline is Looming...
On 31 July 2023, the Consumer Duty came into force for retail financial services firms with the purpose of ensuring that FCA regulated firms act to deliver good outcomes for retail customers. The Consumer Duty applied new rules in relation to all new and existing products and services offered which were open to sale or renewal.
SDR and investment labels regime
Relevant Dates 31 May 2024 – the anti-greenwashing rules came into force 31 July 2024 – firms can begin using the investment labels, with accompanying disclosures 2 December 2024 – naming and marketing rules come into force for UK asset managers 2 December 2025 – ongoing product-level and entity-level disclosures for firms with AUM > £50bn 2 December 2026 – entity-level disclosure rules extended to firms with AUM > £5bn Sustainable investment product labels and their relevant disclosures In...
Memery Crystal acts on sale of King’s Place student housing site
King’s Place is a Zone 1 site with planning permission for a Purpose-Built Student Accommodation (PBSA)-led scheme, and is positioned in close proximity to Borough Underground Station, King’s College London, South Bank University, University of the Arts and the University of Osteopathy. The accommodation, when completed, will comprise 444 student beds across 308 flats, 18,000 sq.
Memery Crystal advises Intelligent Ultrasound on £40.5m disposal
The transaction is subject to shareholder approval under AIM Rule 15, as well as confirmations from the Competition and Markets Authority under the Enterprise Act, and the Investment Security Unit under the National Security and Investment Act, that they do not oppose the transaction.
Renters’ Rights Bill - The end of Section 21 and “no-fault evictions” - Memery Crystal
Given Labour’s manifesto commitments, it was not a surprise that the Renters’ Rights Bill received a mention in the King’s Speech. The newly elected Government promised that the Bill will “give greater rights and protections to people renting their homes, including ending no fault evictions and reforming grounds for possession”.
Regime Change - Final UK Listing Rules Published
The FCA originally consulted on the proposed changes back in May 2023 and with a further consultation issued in December 2023 setting out more detailed proposals (please see our previous article on this: FCA reaches another key milestone in implementing substantive changes to the UK Listing Regime).
The Arbitration Bill revived: A boost for London as arbitration hub
A new Arbitration Bill is back on the agenda, following the King’s Speech on 17 July 2024 which detailed the new Labour government’s legislative programme. The Arbitration Bill is not new, but its revival is encouraging, and expected to be embraced by the arbitration community and practitioners. In September 2023, the Law Commission published final recommendations for reform following its review of the Arbitration Act 1996 (the “Act”).
EU Regulation on Import of Cultural Goods – key issues and impact - Rosenblatt
A European Union (“EU”) Regulation (2019/880) containing a general prohibition regarding the import of cultural goods into the EU where those cultural goods have been illegally exported from a non-EU country became law in June 2019. That Regulation provided that from 28 June 2025 a new EU-wide centralised electronic database will be implemented through which online licence applications will be managed for archaeological items more than 250 years old.
Memery Crystal advises Zeus on $10m Devolver Digital Fundraise
The Memery Crystal team was led by Senior Partner Nick Davis and Corporate Partner Robert Bines-Black, who were assisted by Corporate Associate Ravina Mahajan.
Investment Treaty Planning: Protecting Projects In Saudi Arabia
Investment Treaty Planning As part of the Saudi Government’s “Vision 2030” plan to reduce the country’s long-term reliance on oil, the Kingdom of Saudi Arabia (“KSA”) intends to develop alternative domestic sectors including retail, manufacturing, construction, energy, finance, mining, hospitality and tourism.[1] To achieve this, the KSA is aiming for a twenty-fold increase in foreign direct investment to approximately $100 billion a year by 2030, reforming the foreign investment landscape by...
Memery Crystal advises Dimension Studio on investment
Dimension is a leader in volumetric content and virtual production, creating virtual worlds and virtual humans for film, TV, virtual reality, and other entertainment experiences, including behind blockbuster film and entertainment productions such as Masters of the Air and the Whitney Houston biopic, I Wanna Dance With Somebody. The company houses one of the largest and most experienced virtual production teams, who are advancing 3D content pipelines and technologies.
Rosenblatt achieves settlement for leading bakery
Rosenblatt is pleased to have delivered settlement for its client, one of the largest wholesale bakeries in Europe, exporting its bakery products to 20+ markets in 4 continents around the world. Rosenblatt’s client had ordered a complete delivery line from a British manufacturer of industrial bakery machinery which their client claimed had been delivered late, was faulty and was lying dormant in their factory space.
When will UEFA Officially Update its MCO’s Rules?
Update – Manchester City and Girona In our first MCO article, we reported on the various outlets claiming that UEFA had presented The City Football Group (“CFG”) with two divestment options, following the qualification of its clubs, Manchester City and Girona, into the 2024/25 UEFA Champions League and noted that CFG had until 3 June 2024 to respond to UEFA.
Diversity and Inclusion Disclosures for Listed Companies
In this Pride month, we look at the reporting obligations imposed on listed companies regarding Environmental, Social and Governance (“ESG”) related matters, particularly in relation to diversity and inclusion.
Labour’s Employment Law Proposals
Unfair Dismissal The proposal that will likely have the biggest impact on employers is to make the right to bring an unfair dismissal claim a “day one” right, removing the current two-year qualifying period of service. This period has varied between six months and two years in the more than 50 years since unfair dismissal protection was first introduced, but the right has never applied from the first day of employment.
Rosenblatt Announces Senior Promotions
Rosenblatt, one of the UK’s pioneering legal practices and a leader in dispute resolution, today announces the promotion of Tom Spiller OBE to Partner. Tom Spiller OBE, Partner at Rosenblatt, Dispute Resolution, commented: “It is a great personal honour for me to be recognised in this way by Rosenblatt, a litigation brand with such a fierce reputation and such an impressive list of clients and cases. I look forward to winning more clients for the firm from previously untapped parts of the economy.
Memery Crystal Announces Senior Promotions
Lucie Burniston, Partner, Corporate at Memery Crystal, commented: “I’m delighted and proud to have been promoted to partner at Memery Crystal. I’m excited to be expanding the firm’s growth capital fundraising offering and look forward to meeting new clients, continuing to support existing clients on their growth capital journeys and developing the Memery Crystal team.
Man City and Girona
This is not the first time this issue has arisen. In recent years, there have been multiple instances of two clubs within the same MCO group qualifying for the same UEFA competition. However, in most cases, such issues have been resolved to UEFA’s satisfaction. RB Leipzig and RB Salzburg successfully demonstrated to UEFA that the clubs could separate any common “control and influence”.
The DMCC Act 2024: What it Means for D2C Business
Subscription contracts. A ‘subscription contract’ within the scope of the Act is one which automatically renews or which continues for an indefinite or fixed period during which the consumer has a continuing automatic liability in relation to a continuing supply until they exercise their right to cancel (whether or not the contract has an initial ‘free trial’ or ‘reduced price’ period).
Rosenblatt brings successful claim for damages
We successfully brought a claim for damages for Waterfall Development Limited arising from an alleged fraudulent misrepresentation said to have been made by the Defendants about ownership of a wall. The claim sought to recover substantial losses suffered by our client and his company during a development of 9 luxury apartment blocks in the prestigious Sandbanks area in Dorset.
Memery Crystal advises on letting to National Lottery operator
This building will serve as the new headquarters for The National Lottery, and will be 100% powered by renewable energy, making it one of the most energy efficient buildings in Watford with some of the lowest operational costs. Allwyn have recently made a commitment to becoming the world’s first Net Zero lottery company. The space is equivalent to 45% of the total floorspace at The Clarendon Works.
Gambling Law Review: Ninth Edition
In Depth Gambling Law sets out a comparative analysis of the laws relating to gambling across a variety of states and jurisdictions. The guide analyses the most consequential new legislation and case law, with a focus on key events of the past 12 months and the things to look out for in the next. In addition to the preface, Carl Rohsler has also written chapters on a legal and philosophical overview of gambling, as well as the chapter for the United Kingdom in the latest edition.
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