Category Archives: Client Updates

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 3.0 has arrived!!

A culmination of 7 upgrades and nearly 3 months on, we are pleased to announce the launch of Scribestar 3.0.  In June this year, we really thought hard about what this version should be about and we wanted our next major version to be focused on our users. It wasn’t about how much whizzy functionality we provided, it was purely about making your lives easier and how what we already offers more value.

So we set ourselves three objectives:

1. Increase Efficiency.

2. Simplify User Experience

3. Offer flexibility

To increase efficiency we enabled content sharing and reuse, for a simpler user experience we created a single integrated work space for our users where they can work on content and all its metadata in one place. To offer flexibility we enabled the ability to export content and its metadata into Microsoft Word alongside a large number of other enhancements too long to list here.

We’ve come a long way since the launch of our Alpha version in Sept 2016, we are extremely proud of what we have created as a team. Thank you to our regular customers, especially the early adopters, without your patience and feedback we couldn’t have got to where we are now!!!

THE SCRIBESTAR TEAM

Speak to us to know more about 3.0 or email as on info@scribestar.com

The smart way to manage DCM Bond Prospectus production

If you are involved in Debt Capital Markets (DCM), providing legal or financial advice to corporate issuers on the raising of debt, refinancing of existing debt, or restructuring of existing debt, then you will be well aware of the challenges of the process. There’s the expectations and involvement of multiple stakeholders to manage, who are all working towards fast deal turnaround times, which can sometimes be days rather than weeks or months – and due to the DCM tending to be a higher-volume, lower-margin business than ECM, keeping an eye on costs and fees is all the more critical.

These are the very challenges that Scribestar set out to solve. Scribestar is an online platform focused on simplifying the drafting and production of complex legal documents for debt and equity capital market transactions.

Accessing Scribestar’s secure cloud-based system, which is available 24/7, multiple authorised users can work in a controlled, permission-based professional platform, to edit, review and approve a single source of the Bond Prospectus. This helps streamline the drafting process, which along with automated mark-up, reporting and tracking, creates significant time efficiencies and reduces risks, which can creep in through version control issues.

When it comes to the complex task of verification fact checking and regulatory checklisting, Scribestar automates the process to help achieve unparalleled levels of speed, accuracy and control in the production of compliant documents.

We know last minute changes to a Bond Prospectus are common and this can often lead to fraught exchanges with financial printers, as deal team members work tirelessly to ensure submission deadlines are met. But these pressures are eradicated with Scribestar. In Scribestar, updates are extremely easy to make to print-ready files, which means you have improved control over the process and can make edits to the Prospectus right up to the deadline.

If you are responsible for the preparation of DCM Bond Prospectus’, and have encountered any of the challenges mentioned above, we invite you to take a look at Scribestar. We can share with you the benefits our clients enjoy, who include leading global investment banks and law firms, from managing their DCM document production in a smarter, more efficient way.

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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