Table of Contents

• EDITOR’S RAMBLE 🗣

• FEATURED REPORT 📰

• A BIT OF FUN 😄

• IN OTHER NEWS 🗞

• AROUND THE WEB 🌐

• STUFF THAT MIGHT HELP YOU 👌

EDITOR’S RAMBLE 🗣

So, last week my girlfriend and I binged a Netflix show following the cheerleaders of the Dallas Cowboys (an American football team from Texas).

I didn’t think I’d like the show.

But it was eye-opening to see how competitive the team’s selection was, and how gruelling the training was.

Plus, the performers were paid quite little (around $20k a year according to Google).

The lesson? Erm, something about watching stuff you didn’t think you’d enjoy — it might surprise you.

Anyway, that leaves me with 2 questions.

First, if you’ve watched the show, what did you think of it (just reply to this email).

Second, let me know your Netflix recommendations (hit reply).

- Idin

FEATURED REPORT 📰

📉 Here’s why Superdry is delisting

What's going on here?

A few days ago, Superdry’s shares got pulled from the London Stock Exchange, as the fashion brand focuses on a restructuring plan.

What happened to Superdry?

Superdry is was a popular fashion brand that made Japanese-inspired clothes.

At its height, around 14 years ago, it was worth more than half a billion pounds. But its share value has fallen by over 97%, so it’s worth barely £3 million now.

So, the company’s now trying to restructure as a way to stay afloat.

The first step? Delisting from the London Stock Exchange.

What does restructuring mean?

Restructuring means reorganising the way a company is financially and operationally set up to help it financially.

Usually, it involves renegotiating debts, cutting costs, or changing the company’s strategy.

Why did Superdry decide to delist?

Being a listed company means you’re under scrutiny from the financial regulators (in this case, the Financial Conduct Authority).

So, Superdry decided to delist so they could restructure without regulatory pressure — it gives them more freedom to make changes.

Who has to agree to the restructuring?

💼 Shareholders: Their approval is usually needed because restructuring plans can impact their ownership and control over the company.

💰 Creditors: These are people or companies that Superdry owes money to. Their consent is important because the restructuring usually involves changes to the terms of debt repayment, which directly affects them.

⚖️ Court: In this case, Superdry has got the court’s approval for their restructuring plans. The court reviews the plans to make sure they’re fair to shareholders and creditors and follow the law. Part 26A of the Companies Act 2006 allows the court to approve the plan. Companies can restructure without going to court, and instead approach creditors individually. But getting court sign-off benefits you because the plans become binding even on creditors or shareholders who don’t agree to it.

How do law firms help with restructuring?

Law firms advise companies when they’re restructuring to make sure they comply with the relevant laws (like Part 26A).

In this case, Macfarlanes was Superdry’s legal advisor.

They would have helped with things like: drafting restructuring plans, negotiating with creditors, preparing the messaging for shareholders, and securing court approvals.

A BIT OF FUN 😄

*googles: what is a trust*

IN OTHER NEWS 🗞

• 🇺🇸 Ashurst is eyeing expansion in the US after a strong financial year. Revenue climbed 9% to £961 million, a record high. Ashurst’s global CEO said the firm aims to "double down" on infrastructure and financial institutions in America. There’s been a lot of discussion about a US merger for Ashurst — maybe now’s the time for it. 👀

• 📈 The FCA is changing its share listings rules to make London more appealing. One "sweeping shake-up" is merging the premium and standard segments, and streamline the listing process. Shareholder consent for certain mergers will also be scrapped. The changes, effective from 29 July, are the biggest in over 30 years. If you’re interested, we wrote about why the UK’s listing rules need changing.

• 🤝 Google’s eyeing a $23 billion deal to buy Wiz, a cloud cybersecurity firm. This would be Alphabet’s biggest acquisition (double the $12.5 billion spent on Motorola in 2012). Google wants to boost its cloud services to compete with Amazon and Microsoft. But the deal might be challenged by competition regulators.

• 💼 Clifford Chance is changing how it calculates associate bonuses (moving to US-style). This shift is to better reward associates when there’s more demand on them in terms of hours billed. The firm still values well-rounded performances, but wants to reward associates with payouts similar to those at US firms.

• 🚀 The UK’s the tech capital of Europe. UK startups and scale-ups make up nearly a third of Europe's venture capital funding. UK tech companies outperformed those in France and Germany combined, raising more than five times what Swiss companies did. London remained Europe's top city for tech investment, with Cambridge also ranking in the top 10.

AROUND THE WEB 🌐

• 💻️Fun: A website that will take you to really old websites (open it and click “surprise me”)

• 🧪 Science: This weekly newsletter gives you science-backed action steps so you can help clean the world*

• 🖼️Lucky: A painting found in a plastic carrier bag at a London bus stop sold for a record £17.5m

Credit: r/internetisbeautiful

* This is sponsored content

STUFF THAT MIGHT HELP YOU 👌

• 📹️Free application help: If you're applying to commercial law firms, check out Idin’s YouTube channel for actionable tips and insights into the lifestyle of a commercial lawyer in London.