People Moves: 20/11/2024

ICYMI - UK: Government to establish new market to trade private company shares and Royal Institution of Chartered Surveyors appoint RGU Visiting Professor

In today’s newsletter, we are covering the Mansion House speech delivered on 14 November by Chancellor Rachel Reeves who confirmed the UK government’s commitment to legislate to establish PISCES, the Private Intermittent Securities and Capital Exchange System.

PISCES will provide a platform for the intermittent trading of unlisted company shares, providing shareholders in eligible companies with liquidity and a route to exit. Trading windows will take place at defined intervals (for example monthly or quarterly). PISCES will facilitate the trading of existing shares. It is not a capital raising platform, so companies will not be able to use it to raise funds through the issue of new shares. Initially, companies will not be able to carry out share buybacks on PISCES (although the government has indicated it will explore this at a later stage).

Also, a Visiting Professor from Robert Gordon University has been appointed as Chair of the Scotland Board of the Royal Institution of Chartered Surveyors.

The Royal Institution of Chartered Surveyors (RICS), the leading professional body for those working in the Built Environment, Construction, Land, Property, and Real Estate Sectors, has appointed Professor Norman McLennan as Chair of the Scotland Board.

Speaking about his appointment Norman said: “I am both pleased and honoured to have been afforded this opportunity to lead the RICS (Scotland) Board which is responsible for setting strategic direction for the Surveying arm of the Construction and Property Sector across Scotland for the benefit of RICS qualified members and its students, according to a press statement issued by Robert Gordon University.

Chancellor Reeves (pictured) announces new platform will allow the periodic trading of shares in unlisted companies