William Belcher, Partner, Taylor Wessing and Akhil Suresh, Business Development Manager, Primary Markets, LSEG discuss how listed funds, regular issuers or companies looking to IPO can benefit from using ScribeStar
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.
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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 firstname.lastname@example.org
We are delighted to have been selected as a finalist for the Best Technology Product in the 2019 Lawyer Awards for the use of the Scribestar platform in facilitating the creation of Prospectuses and Shareholder Circulars for recent Travers Smith deals.
Winners will be announced on 25th June.
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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