EX-5.1 3 d875477dex51.htm EX-5.1 EX-5.1

Exhibit 5.1

 

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Mayer Brown International LLP

201 Bishopsgate

London EC2M 3AF

United Kingdom

 

T: +44 20 3130 3000

F: +44 20 3130 3001

DX: 556 London and City

mayerbrown.com

 

27 May 2020

GW Pharmaceuticals plc

Sovereign House

Vision Park, Chivers Way

Histon

Cambridge

CB24 9BZ

Our ref:            20456/13428626

Dear Sir

Registration Statement on Form S-8

 

1.

Background

We have acted for GW Pharmaceuticals plc, a public limited company incorporated under the laws of England and Wales (the “Company”), as its legal advisers in England in connection with the registration statement on Form S-8 (the “Registration Statement”) to be filed on or about 27 May 2020 by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations promulgated thereunder (the “Rules”), relating to the registration of an aggregate of 22,200,000 ordinary shares of £0.001 each in the Company (the “Shares”). The Shares are issuable under the GW Pharmaceuticals plc 2020 Long-Term Incentive Plan (as amended on 19 May 2020 and approved by shareholders on 26 May 2020) (the “Plan”).

We understand that the ordinary shares of £0.001 each in the capital of the Company are not, and are not intended to be, admitted to trading on any market or exchange, or otherwise listed, in the United Kingdom.

In connection with the Registration Statement, we have been asked to provide an opinion on certain matters, as set out below. We have taken instructions in relation to this opinion solely from the Company.

 

2.

Examination and enquiries

 

  (a)

For the purpose of giving this opinion, we have examined:

 

  (i)

a copy of the Registration Statement (excluding its exhibits and any documents incorporated by reference into the Registration Statement); and

 

This is a legal communication, not a financial communication. Neither this nor any other communication from this firm is intended

to be, or should be construed as, an invitation or inducement (direct or indirect) to any person to engage in investment activity.

Mayer Brown International LLP is a limited liability partnership (registered in England and Wales number OC303359), which is authorised and regulated by the Solicitors Regulation Authority with SRA number 369822. Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian partnership).

We use the term “partner” to refer to a member of Mayer Brown International LLP, or an employee or consultant who is a lawyer with equivalent standing and qualifications and to a partner of or lawyer with equivalent status in another Mayer Brown entity. A list of the names of members of Mayer Brown International LLP and their respective professional qualifications may be inspected at our registered office, 201 Bishopsgate, London EC2M 3AF, England or on www.mayerbrown.com.


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  (ii)

a certificate dated 27 May 2020 signed by the company secretary of the Company (the “Officer’s Certificate”) relating to certain factual matters and having annexed thereto copies (certified by the company secretary as being true, complete, accurate and up-to-date in each case) of the following documents:

 

  (A)

the certificate of incorporation, the certificates of incorporation on change of name and the memorandum and articles of association of the Company; and

 

  (B)

the rules of the Plan.

 

  (b)

For the purpose of giving this opinion, we have:

 

  (i)

arranged for our agents to make on 27 May 2020 an online search of the register kept by the Registrar of Companies in respect of the Company (the “Company Search”); and

 

  (ii)

arranged for our agents to make on 27 May 2020 at 10:01 a.m. (BST) an online search in respect of the Company of the Central Registry of Winding Up Petitions (the “Central Registry Enquiry”, and together with the Company Search, the “Searches”).

 

  (c)

For the purposes of giving this opinion, we have only examined and relied on those documents and made those searches and enquiries set out in paragraphs 2(a) and (b) respectively. We have made no further enquiries concerning the Company or any other matter in connection with the giving of this opinion.

 

  (d)

We have made no enquiry, and express no opinion, as to any matter of fact. As to matters of fact which are material to this opinion, we have relied entirely and without further enquiry on statements made in the documents listed in paragraph 2(a).

 

3.

Assumptions

 

  (a)

In giving this opinion we have assumed:

 

  (i)

the genuineness of all signatures, seals and stamps;

 

  (ii)

that each of the individuals who signs as, or otherwise claims to be, an officer of the Company is the individual whom he or she claims to be and holds the office he or she claims to hold;

 

  (iii)

the authenticity and completeness of all documents submitted to us as originals;

 

  (iv)

the conformity with the original documents of all documents reviewed by us as drafts, specimens, pro formas or copies and the authenticity and completeness of all such original documents;

 

  (v)

that the Plan was validly adopted by the Company in accordance with the articles of association of the Company and all applicable laws and regulations, and was validly amended in accordance with the rules of the Plan, the articles of association of the Company and all applicable laws and regulations;

 

  (vi)

that all grants of awards made under the Plan have been, or will be, validly made in accordance with the rules of the Plan and in accordance with all applicable laws and regulations (for the avoidance of doubt, as in force at all relevant times), and the Company’s articles of association;


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  (vii)

that there are no provisions of the laws of any jurisdiction outside England and Wales that would have any implication for the opinions we express and that, insofar as the laws of any jurisdiction outside England and Wales may be relevant to this opinion letter, such laws have been and will be complied with;

 

  (viii)

that each consent, licence, approval, authorisation or order of any governmental authority or other person which is required under any applicable law in connection with the transactions contemplated by the Registration Statement, has been or will have been obtained and is or will be in full force and effect;

 

  (ix)

that the Company is and will at all relevant times remain in compliance with all applicable anti-corruption, anti-money laundering, anti-terrorism, sanctions, exchange control and human rights laws and regulations of any applicable jurisdiction;

 

  (x)

that no agreement, document or obligation to or by which the Company (or its assets) is a party or bound and no injunction or other court order against or affecting the Company would be breached or infringed by the performance of actions to be carried out pursuant to, or any other aspect of the matters contemplated by, the Registration Statement;

 

  (xi)

that the information included in the information we obtain, or receive from our agents, from the Searches is true, accurate, complete and up-to-date and that there is no information which, for any reason, should have been included in them but was not;

 

  (xii)

that all applicable laws (for the avoidance of doubt, as in force at all relevant times) have been and will be complied with respect to anything done in relation to the grant of options under the Plan and the allotment and issue of any Shares, including without limitation the Financial Services and Markets Act 2000, Regulation (EU) No. 596/2014 of the European Parliament and Regulation (EU) No. 2017/1129 of the European Parliament;

 

  (xiii)

that as at each date on which the Company grants or granted options under the Plan or allots and issues any Shares (each an “Allotment Date”), the documents examined, and the results of the searches and enquiries made, as set out in paragraph 2 (Examination and enquiries), would not be rendered untrue, inaccurate, incomplete or out-of-date in any relevant respect by reference to subsequent facts, matters, circumstances or events;

 

  (xiv)

that as at each date on which the Company allots and issues any Shares, the Company will have received the aggregate consideration payable for those Shares as “cash consideration” (as defined in s583(3) Companies Act 2006), such aggregate consideration being not less than the nominal value of those Shares; and that s583 Companies Act 2006 will continue in force unamended at all relevant times;

 

  (xv)

that the directors of the Company as at each Allotment Date will be duly authorised pursuant to the articles of association of the Company in force at the Allotment Date, the Companies Act 2006 and any relevant authority given by the members of the Company in general meeting to grant such awards and/or to allot and issue the relevant Shares, and that any pre-emption rights that would otherwise apply in relation to such grant, allotment and issue will have been validly disapplied (in each case to the extent required);


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  (xvi)

that as at each date on which the Company allots and issues any Shares, the directors of the Company will have validly resolved to allot and issue the relevant Shares.

 

  (xvii)

that there is and will be no fact or matter (such as bad faith, coercion, duress, undue influence or a mistake or misrepresentation before or at the time any agreement or instrument is entered into, a subsequent breach, release, waiver or variation of any right or provision, an entitlement to rectification or circumstances giving rise to an estoppel) and no additional document between any relevant parties which in either case would or might affect this opinion and which was not revealed to us by the documents examined or the searches and enquiries made by us in connection with the giving of this opinion;

 

  (xviii)

that the Company’s place of central management and control is not the UK, the Channel Islands or the Isle of Man for the purposes of the City Code on Takeovers and Mergers; and

 

  (xix)

that any subordinate legislation which purports to have been made under powers conferred by the European Communities Act 1972, the European Union (Withdrawal) Act 2018 or the European Union (Withdrawal Agreement) Act 2020 that is relevant to this opinion is valid in all relevant respects.

 

  (b)

In relation to paragraph 3(a)(xi), it should be noted that this information may not be true, accurate, complete or up-to-date. In particular, but without limitation:

 

  (i)

there may be matters which should have been registered but which have not been registered or there may be a delay between the registration of those matters and the relevant entries appearing on the register of the relevant party;

 

  (ii)

there is no requirement to register with the Registrar of Companies notice of a petition for the winding-up of, or application for an administration order in respect of, a company. Such a notice or notice of a winding-up or administration order having been made, a resolution having been passed for the winding-up of a company or a receiver, manager, administrative receiver, administrator or liquidator having been appointed may not be filed with the Registrar of Companies immediately and there may be a delay in any notice appearing on the register of the relevant party;

 

  (iii)

the results of a Central Registry Enquiry relate only to petitions for the compulsory winding up of, or applications for an administration order in respect of, the Company presented prior to the enquiry and entered on the records of the Central Registry of Winding Up Petitions. The presentation of such a petition, or the making of such an application, may not have been notified to the Central Registry or entered on its records immediately or, if presented to a County Court or Chancery District Registry, at all; and

 

  (iv)

in each case, further information might have become available on the relevant register after the Searches were made.


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4.

Opinion

 

  (a)

On the basis of the examination and enquiries referred to in paragraph 2 (Examination and enquiries) and the assumptions made in paragraph 3 (Assumptions) and subject to the qualifications set out in paragraph 5 (Qualifications), we are of the opinion that the Shares allotted and issued pursuant to the Plan will, when the Company has received the aggregate issue price in respect of such Shares in accordance with the rules of the Plan and the names of the holders of such Shares are entered in the register of members of the Company, be validly issued, fully paid and no further amount may be called thereon.

 

  (b)

This opinion is strictly limited to the matters expressly stated in this paragraph 4 and is not to be construed as extending by implication to any other matter.

 

5.

Qualifications

 

  (a)

The opinions set out in paragraph 4 (Opinions) are subject to the qualifications set out in the remainder of this paragraph 5.

 

  (b)

We express no opinion as to matters of United Kingdom taxation or any liability to tax (including, without limitation, stamp duty and stamp duty reserve tax) which may arise or be incurred as a result of or in connection with the Shares, the Plan or the transactions contemplated thereby, or as to tax matters generally.

 

  (c)

The opinion set out in paragraph 4(a) (Opinions) relates only to Shares contemplated by the Registration Statement that are new ordinary shares issued by the Company from time to time pursuant to the Plan following the date of the Registration Statement. We express no opinion in respect of any other securities of the Company.

 

6.

Law

 

  (a)

This opinion and any non-contractual obligations arising out of or in connection with this opinion shall be governed by, and construed in accordance with, English law.

 

  (b)

This opinion relates only to English law (being for these purposes, except to the extent we make specific reference to an English law “conflict of law” (private international law) rule or principle, English domestic law on the assumption that English domestic law applies to all relevant issues) as applied by the English courts as at today’s date, including the laws of the European Union to the extent having the force of law in England by virtue of s1A European Union (Withdrawal) Act 2018 (as introduced by s1 European Union (Withdrawal Agreement) Act 2020). In construing any European Union directive or regulation, we have read only the English version.

 

  (c)

We do not undertake or accept any obligation to update this opinion to reflect subsequent changes in English law or factual matters.

 

  (d)

We express no opinion as to, and we have not investigated for the purposes of this opinion, the laws of any jurisdiction other than England. It is assumed that no foreign law which may apply to the matters contemplated by the Registration Statement, the Company, any other document or any other matter contemplated by any document would or might affect this opinion.


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We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent is required under section 7 of the Securities Act or the Rules.

Yours faithfully

/s/ Mayer Brown International LLP