The Scottish Mail on Sunday - 2021-10-10




SO WHAT SHOULD HAPPEN NEXT? THE Government is looking at ways of making IPOs more inclusive – a consultation on the issue ended last month. Although this is welcome – and could, for example, result in the simplification of the prospectuses companies are required to issue if reaching out to retail investors – it is not enough. Interactive Investor’s Richard Wilson agrees. He says such ‘cosmetic’ changes are not the solution – what is needed is legislation that puts a requirement on all listing companies to set aside a slice of shares for ordinary investors. Such a ‘quota’ system operates well in France and Singapore – and Wilson says there is no reason why it can’t work in the UK. It’s why we back such a move. Fair play for ALL share investors. Our campaigning will not stop some companies going ahead with IPOs in the coming months that exclude the ordinary investor. The likes of gym operator PureGym; electric vehicle charging firm PodPoint; food box specialist Gousto; and even Wilson’s Interactive Investor (he wouldn’t confirm it) are all rumoured to be looking at IPOs. Some of these companies will do the decent thing and embrace all investors – and we will applaud them to the hilt when they do so. But others won’t because they don’t have to. We will criticise them – and rightly so. And we will continue to criticise until the Government – a believer in wider share ownership – wipes away this injustice. Shares for all.


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