Category: Short Term Implications

MAC clauses and Brexit

In a previous post, we touched briefly on the likelihood of a material adverse change (MAC) being called in light of the referendum result, and in this note we discuss the current market position in more depth. There are two types of MACs: a ‘business MAC’ and a ‘market MAC’. Market MACs, often contained in...

Brexit and what happens now

The political fallout has been swift. David Cameron, the pro-Remain Prime Minister of the United Kingdom (UK) resigned less than 12 hours after the results of the UK-wide referendum on 23 June 2016 were announced.  With turnout at 71.8%, the highest since the 1992 general election, 51.9% – over 17 million people – voted in...