Tom Bacon

Tom Bacon
  1. People /

Tom Bacon

Tom Bacon

Partner

Tom Bacon
  1. People /

Tom Bacon

Tom Bacon

Partner

Tom Bacon

Partner

London

T: +44 (0) 20 3400 3706

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Biography

Tom is a partner in BCLP’s M&A and Corporate Finance team and a member of the firm’s Public Markets Focus Team. His practice includes advising on IPOs and secondary issues (Main Market and AIM) both in London and internationally, public company takeovers, investment funds, domestic and cross border private M&A and advising quoted companies on their obligations to the FCA and the London Stock Exchange. Tom acts both for listed issuers as well as for investment banks and financial advisers in their capacity as sponsors, nomads and brokers. Tom works across a wide range of sectors but has particularly strong experience in Real Estate, Energy and Natural Resources, Technology and Investment Funds.

Tom is also closely involved with UK regulatory and corporate governance developments and provides regular advice and training to clients on the FCA’s sponsor regime, the UK Listing Rules, the AIM Rules, the UK Prospectus Regulation as well as ESG disclosure and governance issues, the UK Market Abuse regime and Corporate Governance requirements.   

Tom Bacon is a rising and promising figure – very engaged and solution-orientated.

Legal 500 UK, 2024

Tom Bacon in particular is technical, commercial and responsive which make him a standout partner.

Legal 500 UK, 2024

Admissions

  • England and Wales

Experience

Equity Capital Markets

  • Wheaton Precious Metals, on its admission to the standard listing segment of the Official List and the Main Market of the London Stock Exchange;
  • Industrials REIT on its transfer from the specialist fund segment to the premium list of the Main Market of the London Stock Exchange and migration to a secondary listing on the Main Board of the Johannesburg Stock Exchange;
  • Stifel Nicolaus Europe as nominated adviser, broker and sole bookrunner for AEX Gold Inc. in relation to AEX’s £42.5 million placing and admission to AIM;
  • Kape Technologies plc on its US$115 million cash-box placing and separate retail offer for subscription through online platform PrimaryBid;
  • Singer Capital Markets as nominated adviser and joint bookrunner to Eckoh plc on its £31 million acquisition of Syntec Holdings Limited and its oversubscribed £13 million placing;
  • Raven Property Group Ltd on its share buy-back from Invesco Asset Management Ltd;
  • The founders of a FinTech and E-commerce focused SPAC on its proposed IPO on Euronext Amsterdam;
  • Greatland Gold plc in its upsized US$35 million Placing;
  • Amiad Water Systems, on an investment of £17.6 million through a subscription of shares by FIMI, a leading Israeli private equity firm;
  • Singer Capital Markets as sponsor and settlement agent to The Investment Company plc in relation to the change of investment manager, board changes, buyback and issue of new shares;
  • Peel Hunt and Tamesis Partners on the US$17.5 million cash-box placing for AIM listed Serabi Gold plc. Peel Hunt and Tamesis acted as the joint bookrunners on the transaction;
  • Peel Hunt, finnCap and FirstEnergy Capital on the approximately £16.6 million placing for Independent Oil and Gas plc;
  • Peel Hunt and Auctus Advisors, on the US$11.7 million cash-box placing for premium listed Pharos Energy plc. Peel Hunt and Auctus Advisors acted as joint bookrunners on the transaction.

Public M&A

  • Industrials REIT on its £500 million take private by Blackstone;
  • Secure Income REIT plc on its recommended merger with LXi REIT plc;
  • London-listed Playtech plc on its agreed takeover by Australian company Aristocrat Leisure. The offer values the issued and to be issued share capital of Playtech at £2.1 billion and gives Playtech an enterprise value of £2.7 billion;
  • Daejan Holdings PLC, a FTSE 250 company, in connection with the recommended public offer by the controlling Freshwater concert party, valuing the target at just over £1.3 billion;
  • Redde on its £680 million all-share merger with Northgate;
  • Playtech plc, on its acquisition of approximately 70.6 per cent of the issued share capital of Snaitech S.p.A, a leading operator in the Italia n gaming and betting market. The aggregate enterprise value of the transaction was €846 million.

Private M&A

  • Land Securities Group plc on its disposal of One New Street Square to Chinachem Group for a total consideration of £349.5 million;
  • Land Securities Group plc on its disposal of 21 Moorfields to an investment vehicle managed by global real estate and investments group, Lendlease;
  • Land Securities Group plc on its disposal of 1 and 2 New Ludgate to Sun Venture for a cash consideration of £552 million;
  • Aedifica NV/SA on the £450 million acquisition of a portfolio of 93 care homes portfolio from Lone Star. The deal was notable as being one of the largest UK healthcare transactions of 2018;
  • On the sale of privately owned Express Vending Group, a commercial vending machines supplier within London & the UK, to KKR backed Selecta AG, a European vending services operator;
  • Keppel DC REIT on its acquisition of a Dutch company owning a data centre in the Schiphol area of Amsterdam for approximately €30 million;
  • Aedifica UK Limited, the UK-subsidiary of Aedifica NV/SA, on its £61 million acquisition of Sapphire Properties 2016 Limited, a special purpose vehicle holding a portfolio of 5 fully operational purpose-built care homes in the UK;
  • Aedifica NV/SA on the internalization of its local property manager, Layland Walker Limited;
  • On the sales of Star Payroll, the payroll software solution provider, and Star Professional Software Solutions, a leading global provider of practice management software for professional firms.

Related Insights

Insights
Nov 12, 2024

Takeover Panel response on the application of the Takeover Code

The Takeover Code (the “Code”) has published its response to its consultation on the application of the Code and is adopting the amendments previously proposed in PCP 2024/1 subject to some modifications.  The changes will take effect on 3 February 2025 and transitional arrangements will run for two years until 2 February 2027. The Code has been amended to refocus its application on companies which are registered in the UK, the Channel Islands or the Isle of Man (“UK registered”) and either: any of the company’s securities are admitted to trading on a UK regulated market ie. the Main Market, a UK multilateral trading facility ie. AIM and Aquis Growth Market, or a stock exchange in the Channel Islands or the Isle of Man ie. TISE (“UK quoted"); or the company was UK quoted at any time during the two years prior to the relevant date. Subject to transitional provisions, the Code will no longer apply to a public or private company which ceased to be UK quoted more than two years prior to the relevant date.
News
Sep 17, 2024

BCLP advises Playtech plc in connection with the proposed sale of Snaitech S.p.A. for a total enterprise value of EUR€2.3 billion

BCLP has advised client Playtech plc (Playtech), in connection with the proposed sale of Snaitech S.p.A. (Snaitech) to Flutter Entertainment Holdings Ireland Limited, a subsidiary of Flutter Entertainment plc (Flutter), for a total enterprise value of EUR€2,300 million in cash.
Insights
Jun 17, 2024

London: The Optimum IPO Venue for Israeli Growth Companies

For the vast majority of Israeli and Israel-related companies considering an IPO, London should continue to be the venue of choice. London has greater access to capital and liquidity than the Tel Aviv Stock Exchange and lower barriers to entry than US markets, as well as greater opportunities for index inclusion. The common narrative in the media that valuations in US capital markets are superior does not fully reflect the reality. While some of the largest and most successful companies have achieved attractive valuations in the US[1], a US IPO is realistic only for the very largest Israeli private companies. Furthermore, for the vast majority that have chosen this route in recent years, post-IPO share price performance has been extremely disappointing. Whilst the geopolitical situation for Israeli and Israel-related companies is currently challenging, we expect that, once the situation stabilises, there will be increasing interest from those companies about listing in London, particularly as the UK’s forthcoming “once in a generation” capital markets regulatory reforms take effect.
Insights
29 April 2024

FCA publishes final Listing Rules on sponsor competency

Following on from the consultation at the end of 2023, the FCA has published its changes to the Listing Rules sourcebook, chapter 8 (sponsors), which take effect immediately. The changes focus on how a sponsor or a person applying for approval as a sponsor is required to demonstrate their competence. The FCA has largely adopted the rules and amendments to the three Technical Notes on sponsor competency proposed in CP23/31 but with some minor amendments to reflect feedback received. The FCA has also published Primary Market Bulletin No.48 which is focussed on consulting on changes to existing technical notes that the FCA consider are the most essential in supporting the understanding of the new UK Listing Rules or most frequently used.  Notably, the FCA states that it expects to: send notifications to issuers mid-May explaining where they expect to be mapped to should the proposals be implemented; and seek board approval of the final UK Listing Rules at the board meetings on either 27 June or 25 July. If the FCA is sticking to its original timetable and the rules are approved at one of these Board meetings, the final policy statement would subsequently be published with an implementation period of 2 weeks before the new rules come into force.

Related Insights

Insights
Nov 12, 2024
Takeover Panel response on the application of the Takeover Code
The Takeover Code (the “Code”) has published its response to its consultation on the application of the Code and is adopting the amendments previously proposed in PCP 2024/1 subject to some modifications.  The changes will take effect on 3 February 2025 and transitional arrangements will run for two years until 2 February 2027. The Code has been amended to refocus its application on companies which are registered in the UK, the Channel Islands or the Isle of Man (“UK registered”) and either: any of the company’s securities are admitted to trading on a UK regulated market ie. the Main Market, a UK multilateral trading facility ie. AIM and Aquis Growth Market, or a stock exchange in the Channel Islands or the Isle of Man ie. TISE (“UK quoted"); or the company was UK quoted at any time during the two years prior to the relevant date. Subject to transitional provisions, the Code will no longer apply to a public or private company which ceased to be UK quoted more than two years prior to the relevant date.
News
Oct 31, 2024
Article on Public M&A in the real estate sector featured in PLC Magazine
Insights
Oct 21, 2024
Modernizing UK Trade Settlement Standard: The Road Ahead
News
Sep 26, 2024
Article on Secondary Listings in the UK featured in PLC Magazine
Insights
Sep 24, 2024
The Road Ahead For Tokenized Investment Funds In The UK
News
Sep 17, 2024
BCLP advises Playtech plc in connection with the proposed sale of Snaitech S.p.A. for a total enterprise value of EUR€2.3 billion
BCLP has advised client Playtech plc (Playtech), in connection with the proposed sale of Snaitech S.p.A. (Snaitech) to Flutter Entertainment Holdings Ireland Limited, a subsidiary of Flutter Entertainment plc (Flutter), for a total enterprise value of EUR€2,300 million in cash.
News
Aug 19, 2024
BCLP advises Shore Capital Markets and Zeus Capital
Insights
Jun 17, 2024
London: The Optimum IPO Venue for Israeli Growth Companies
For the vast majority of Israeli and Israel-related companies considering an IPO, London should continue to be the venue of choice. London has greater access to capital and liquidity than the Tel Aviv Stock Exchange and lower barriers to entry than US markets, as well as greater opportunities for index inclusion. The common narrative in the media that valuations in US capital markets are superior does not fully reflect the reality. While some of the largest and most successful companies have achieved attractive valuations in the US[1], a US IPO is realistic only for the very largest Israeli private companies. Furthermore, for the vast majority that have chosen this route in recent years, post-IPO share price performance has been extremely disappointing. Whilst the geopolitical situation for Israeli and Israel-related companies is currently challenging, we expect that, once the situation stabilises, there will be increasing interest from those companies about listing in London, particularly as the UK’s forthcoming “once in a generation” capital markets regulatory reforms take effect.
Insights
29 April 2024
FCA publishes final Listing Rules on sponsor competency
Following on from the consultation at the end of 2023, the FCA has published its changes to the Listing Rules sourcebook, chapter 8 (sponsors), which take effect immediately. The changes focus on how a sponsor or a person applying for approval as a sponsor is required to demonstrate their competence. The FCA has largely adopted the rules and amendments to the three Technical Notes on sponsor competency proposed in CP23/31 but with some minor amendments to reflect feedback received. The FCA has also published Primary Market Bulletin No.48 which is focussed on consulting on changes to existing technical notes that the FCA consider are the most essential in supporting the understanding of the new UK Listing Rules or most frequently used.  Notably, the FCA states that it expects to: send notifications to issuers mid-May explaining where they expect to be mapped to should the proposals be implemented; and seek board approval of the final UK Listing Rules at the board meetings on either 27 June or 25 July. If the FCA is sticking to its original timetable and the rules are approved at one of these Board meetings, the final policy statement would subsequently be published with an implementation period of 2 weeks before the new rules come into force.