CITY WHISPERS: Rule changes in Square Mile are causing a stir

Even dedicated city folk could be forgiven for opting out when the subject of regulation comes up. But the proposed changes to the listing regime, if not compelling, are certainly causing a stir.

The shake-up is an attempt by the Financial Conduct Authority to make London a more attractive place to take companies public after defections and criticism from companies choosing New York over the City.

Some of the changes, which will come into effect later this year if approved, have already attracted the attention of Quantum, a British candidate for a London float.

The cybersecurity group has cited potential changes, such as the need to float just 10 percent of shares (instead of the usual 25 percent), as “particularly beneficial” for a fast-growing company.

“We believe that London remains one of the most prestigious stock exchanges in the world, and the right place for us,” co-founder Peter Malmstrom told Whispers. Three cheers for a little patriotism.

Traditional AGMs making a comeback?

Annual meetings are no longer what they used to be.

Gone are the tea and biscuits and the chance for ordinary shareholders to grill the CEO now that meetings are taking place online. Or are they?

New research from meeting specialist Lumi shows that personal meetings increased to 15 percent of the total last year, compared to 12 percent in 2022.

It is true that most are now ‘hybrid’, but that choice will almost double visitor numbers in 2022, which is good news.

Clearly, old habits die hard.

Rio Tinto is taking another look at the Jadar project

Rumors are swirling that Rio Tinto could finally be moving forward with its Serbian Jadar lithium mining project.

Industry insiders say they believe the massive project could get underway again – more than two years after authorities revoked Rio’s permits to continue development, dealing a major blow to the miner’s plan to join the race for metals like lithium needed to go green.

Rio’s leader Jakob Stausholm met Serbian President Aleksandar Vucic in Davos to discuss Jadar’s revival.

Stausholm described the talks as “robust,” while Vucic said they were “difficult.”

Theories abound. One is that Serbia is opening up to the idea because of the crash in the price of lithium – meaning few other miners would be lining up to take it out of Rio’s hands.

Oil and gas companies are awaiting Horse Hill’s ruling

Oil and gas companies are nervously awaiting a Supreme Court ruling on an obscure legal battle that could have huge implications for fossil fuel drilling in Britain.

The High Court is hearing an appeal by Surrey resident Sarah Finch against the county council, which she claims failed to take into account pollution generated by oil and gas extracted from a site called Horse Hill.

If successful, it would be a game changer for any project that requires an environmental impact assessment.

A historic legal victory in a case fought on similar grounds in Norway has given campaigners a boost, even though it will not affect English law.

Employee: Patrick Tooher