“UK Stock Market to Receive Boost with Dorneywood Summit, Announces Hunt”

Treasury Secretary Jeremy Hunt is spearheading efforts to attract more companies to London’s stock market as an increasing number of businesses are being acquired by foreign and financial predators. In an exclusive report, it has been revealed that the Treasury has extended invitations to the leaders of some of the UK’s most prominent private companies to attend a summit next month at Dorneywood, the chancellor’s weekend country residence.

Sources have disclosed that the day-long event, scheduled for May 16th, will focus on entrepreneurs in the fintech and biotech industries who are potential candidates for public listing. City Minister Bim Afolami and Prime Minister’s chief business adviser Lord Petitgas will also be in attendance, along with senior government officials and executives from the London Stock Exchange.

According to a copy of the invitation seen by Sky News, the Treasury has stated that the summit will provide an opportunity for attendees to discuss how the UK’s capital markets can support high-growth and innovative companies in achieving their growth ambitions. It emphasized the crucial role that capital markets play in driving economic growth, creating jobs, and facilitating investment.

The government is fully committed to ensuring that the UK remains the top destination for companies to expand, and is already implementing a comprehensive program of reforms to enhance the competitiveness of the UK market.

The invitation list reportedly includes dozens of companies, including digital banks Monzo and Starling Bank. Officials have clarified that the Dorneywood summit has been in the works for several months and is not a response to the recent surge in takeover bids and unilateral delistings from the London market.

However, the recent announcements of bids for mining giant Anglo American and cybersecurity company Darktrace, among others, have raised concerns about the growing trend of companies leaving the UK stock market.

This perceived decline of London’s stock market has been exacerbated by the decisions of some boards to relocate their listings to international exchanges. Companies such as TUI Travel and Flutter Entertainment, the owner of Paddy Power, have moved their listings, while Shell’s CEO has publicly expressed frustration at the gap between their intrinsic valuation and their market value.

In light of these developments, the upcoming summit at Dorneywood is seen as an important opportunity to showcase the benefits of listing on the London market. A government insider has stated that the meeting will highlight to fast-growing British companies that listing overseas is not always as advantageous as it may seem.

The UK-based companies that went public in Europe and the US during the SPAC boom, including Arrival, Cazoo, and Benevolent AI, have seen their valuations plummet, with some ultimately canceling their listings. As one government source noted, “We need to explain to companies why London’s capital markets are the right place for these businesses to go public.”

A spokesperson for the Treasury has stated that the chancellor is keen to hear from these firms and gather their insights on UK markets and how the government and regulators can further support their growth. The Dorneywood summit is expected to be an important step in reaffirming London’s position as a premier destination for companies looking to go public.