Category Archives: Business

ScribeStar produces follow-on £400m equity issue prospectus for Smithson

Innovative digital ecosystem reduces the time and cost of equity issuance document production

London, 7 April, 2020. ScribeStar, a digital ecosystem that improves the efficiency and reduces the cost and time required for document production for capital markets transactions, was used by Travers Smith and Investec to produce the prospectus for Smithson Investment Trust plc’s 2020 to 2021 pre-approved issue of £400m of shares, announced on 1 April, 2020.

Launched by Fundsmith founder Terry Smith, and managed by Simon Barnard and Will Morgan, Smithson became the largest UK-domiciled investment trust when it raised £822.5m in October 2018, vastly exceeding its £250m target. The approval for the new issuance follows Smithson’s robust performance and strong investor interest.

Srinivas Suravarapu, CEO of ScribeStar, said: “Smithson’s focus on delivering ‘superior performance for a reasonable cost’ resonates with our mission of providing a cutting-edge digital platform that improves the efficiency and speed of creating capital markets documents and reduces the cost of production. We are delighted that Travers Smith, one of the leading capital markets law firms in the UK, has been a strategic partner as we have built the business into a digital ecosystem that improves legal and regulatory processes for the entire capital markets issuance process, for funds, IPOs, rights issues, AIM admissions and high yield bonds.”

Aaron Stocks, head of funds at Travers Smith, said: “ScribeStar helped us immensely on the Smithson prospectus and transaction documentation. The ability to link multiple documents within ScribeStar’s ecosystem meant that preparing all of the related documentation became much simpler and quicker and at a lower cost than traditional methods allow. Our funds team is constantly looking at ways to enhance our service to clients and we are very pleased to have been an early adopter of ScribeStar. What virtual datarooms did to enhance the efficiency and reduce the cost of due diligence by removing the need for physical documents, ScribeStar is doing for the capital markets space.”

Srinivas added: “The ScribeStar platform is perfectly set-up for remote working so there was no problem for the Smithson teams in producing the prospectus during this period of managing with Covid-19.”

ScribeStar’s leverage of dynamic data throughout its ecosystem allows far greater use of previous versions of documents, generating increased efficiencies when developing documents for follow on share issues such as rights issues, open offers or placing programmes. This was the case in the Smithson fundraising as the ScribeStar ecosystem could utilize the data, tagging and verification already embedded in the original prospectus. ScribeStar also embeds all ancillary documents such as power of attorneys, legal opinions and comfort letters, allowing changes to flow throughout each document thus saving time in the documentation production process. ScribeStar linked 20 documents in the Smithson transaction.

Contact Simon Barker at sbarker@barkercomms.com 

+44 7866 314 331

 

Scribestar look towards growth in 2019 as LSEG ELITE member

Scribestar joins the London Stock Exchange Group’s ELITE Programme for ambitious, high-potential companies

Scribestar look towards growth and investment in 2019 supported by LSEG’s ELITE programme.

London UK, Tuesday, 4th December 2018 – Scribestar, the London-based company focused on improving the efficiency of capital markets transactions through its online collaboration platform for document drafting, verification and publishing, is unveiling its latest plans for growth after successfully securing a place on the London Stock Exchange Group’s ELITE programme.

Established to create a highly-driven international business support and capital raising community for ambitious companies worldwide, the LSEG’s innovative ELITE programme provides a limited number of highly sought-after memberships for selected organisations. Creating a framework of support, the programme aims to guide member organisations to improve structure, increase growth and become more competitive in the global markets.

Scribestar CEO, Greg Lunn, comments:

“We’re thrilled to have been selected to join such a prestigious global programme. As an organisation, we’re anticipating being able to draw on the expertise of all those involved to build further on our successes so far in delivering significant efficiency and productivity gains to law firms and their advisors in managing the drafting to publication of highly-complex documentation for capital market transactions.”

Greg continues:

“We know our market proposition works – our client-base is proof of that – however what we now have is a unique opportunity to immerse the company in a wealth of experience, networking opportunities and access to funding options for future investment and expansion to help us really focus on our long-term goal of making Scribestar the de facto legal engine for any organisation involved in corporate fundraising activities.”

Umerah Akram, Head of ELITE UK & International, London Stock Exchange Group commented:”

“I’m excited to present the latest group of UK companies to join ELITE, a clear demonstration of the country’s ability to grow great businesses. These companies drive innovation, employment, and create opportunities for us all.

Umerah continued:

“ELITE is committed to giving the British business stars of the future the very best chance to succeed, providing them with access to appropriate expertise and capital. It is a unique, strong community of the best and most dynamic entrepreneurs, advisers, investors and business school academics from the UK, Europe and around the world.”

About ELITE
ELITE is a full-service programme designed to help ambitious companies prepare and structure for the next stage of growth through the access to long term financing opportunities. It is a unique offering for scale-ups across Europe and beyond, providing a comprehensive training programme and extensive access to the business and financial community. The ELITE Funding platform, launched in 2017, will also help streamline the capital raising process for ELITE.   For further information about the London Stock Exchange Group’s ELITE programme, please visit the official website at https://www.lseg.com/elite

Scribestar joins the Investment Association as FinTech member

Scribestar joins the Investment Association as FinTech member to help drive software adoption and industry efficiencies

Scribestar, the London-based company focused on improving the efficiency of capital markets transactions through its online collaboration platform for document drafting, verification and publishing, has joined the Investment Association (IA) in a new FinTech membership category.

The IA is the trade body that represents UK asset managers. Earlier this year, it launched the FinTech membership category to enable technology providers offering solutions to increase operational effectiveness and improve consumer outcomes within asset management and the wider Capital Markets.  Scribestar supports the investment industry by enabling Fund Managers to manage the risks inherent in the execution of complex capital markets transactions.

The online capital markets document drafting platform brings control to the process, by providing one document for editing and review, which is always up-to-date. It enables all the relevant parties instantly to access the transaction documents and track the status of activities; and with this real-time intelligence and an audit trail of the document history, they can manage stakeholder expectations and have full confidence that the completed transaction will comply with the various legal and financial regulations.

Greg Lunn, Scribestar CEO, said

“We are delighted that the Investment Association has provided a forum for us to engage more deeply with its members. Already used by IA members, our platform has proved it delivers significant efficiencies to deal teams, enabling team members to deliver drafting, due diligence, verification and regulatory compliance tasks, far more effectively, compared with current manual methods. We look forward to growing the value we can bring to the industry.”

Keith Phillips, the IA’s Director for Membership & Enterprise, commented:

“A core aim with our new FinTech membership is to help drive greater efficiencies throughout the asset management sector, and Scribestar is a perfect example of that solution focus. The platform offers asset managers a way to overcome some of the challenges posed by increasing cost pressures, tight deadlines and strict regulatory requirements. We welcome them onboard!”

 

For enquiries on IA FinTech membership:
Gillian Painter, Head of Membership: info@IAVelocity.com
T: +44 (0)20 3859 0748

For IA media enquiries:
Helen Ayres, Media Relations Manager: helen.ayres@theia.org
T +44 (0)20 7269 4696

About the Investment Association:

The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7. trillion of assets and employ around 100,000 people across the UK

• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Bet-ter for companies, so they get the capital they need to grow. And better for the economy, so every-one prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
o Build people’s resilience to financial adversity
o Help people achieve their financial aspirations
o Enable people to maintain a decent standard of living as they grow older
o Contribute to economic growth through the efficient allocation of capital.
• The money our members manage is in a wide variety of investment vehicles including authorised in-vestment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe

Respect your team’s time: Invest in tech

In a competitive profession, the pressure is always there to be faster, more collaborative, and responsive right up to deadline. Whether or not your firm has a dedicated Head of Innovation or Chief Technology Officer, you’ve got to know what tech is out there to give you a competitive edge. With more smart software available than ever before, there’s ample opportunity to bring tech-driven agility into your next Corporate Finance and Capital Markets transaction – and simultaneously improve quality and reduce risk.

Which technology is right for you?

Listen to your team, who live the day-to-day operational detail and are engaging with clients. You’ll become aware where your process is ripe for change – where your team is wasting precious time doing repetitive manual tasks during the document draft-to-print lifecycle; tasks that could easily be automated.

When you’re working with companies, accountants, investment bankers and of course your legal colleagues across multiple jurisdictions, who are all involved in your transaction in some way, they’ll benefit greatly from an instant and ongoing insight into the progress of the deal.

And there’s also the ever-prevailing requirement to make changes in your submission documents right up to a regulator deadline. To allow for that you need an agile system, one that can manage the constantly changing UKLA rules, for example, without jeopardising the deal completion.

Lead, don’t follow

As long ago as 2016 the Law Society was highlighting the speed of change in the sector – and yet, while almost three quarters of firms they surveyed agreed innovation is critical to exploit opportunities, more than half said they were likely to wait for others to pioneer new technologies.  (http://www.lawsociety.org.uk/support-services/research-trends/capturing-technological-innovation-report/).

Don’t be the last in line. If you’re still working with multiple versions of Word documents, losing time working on the wrong version, or waiting for a new version to reach you by email, you’re wasting your team’s time.  There is also the danger that with all the various document versions in circulation, you could miss a crucial amendment impacting the accuracy of your financial data.

Smarter working, happier teams

There’s no reason, half an hour before a filing deadline, you shouldn’t be able to make 20 changes to your documents and still deliver on time, because your finished prospectus is a button-click away. All the re-pagination and checklists are reflowed by your software, not by your people. That doesn’t just boost morale, which in itself is worth the investment, but it also eliminates the risk that could be associated with overstretching people before a submission deadline or deal completion.

We helped top law firm Travers Smith bring Scribestar into their listed funds practice and they haven’t had to work through the night on a deal since, because now they don’t need to manually verify content and reflow checklists, or call in changes to printers in the early hours. Smart software doesn’t just take the sweat out of your audit and risk management – it transforms your way of working.

Work more efficiently and profitably

For firms working on capital market transactions, timing is critical and delays costly. Missing a deadline may mean financial information expires and has to be re-audited. Using Scribestar, Travers Smith could gain a day in their timetable; one that they otherwise wouldn’t have had.

The right technology enables you to work more efficiently and profitably. Your clients can enjoy the greater collaboration and transparency they get, being able to work simultaneously on live documents in a bespoke, secure system. And you can rest easy that you’re taking control of your process, and offering clients increased value.