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Notice of general meeting or annual general meeting—checklist

Notice of general meeting or annual general meeting—checklist Who is entitled to receive notice of general meeting or annual general meeting? Notice of the general meeting (GM) or annual general meeting (AGM) must be sent to: • every member of the company, ie those appearing on the register of members (including those entitled to a share in consequence of the death or bankruptcy of a member, if the company has been notified of their entitlement) • every director of the company, and • the company’s auditors Check the company’s articles in particular for provisions relating to: • giving notices to joint, untraceable or overseas shareholders, and • cut-off dates by which time a member needs to be registered on the register of members to receive a notice. Where a company's shares are held in CREST, a member must be registered in the register of members at least 21 days before the date the notice is sent Form of notice Notice of a GM must be given: • in hard copy...

FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

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When is a break fee permissible on a takeover transaction?—flowchart

When is a break fee permissible on a takeover

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Public M&A deals H1 2015—UK—Market Standards Trend Report

Public M&A deals H1 2015—UK—Market Standards Trend Report ARCHIVED: This content was published in 2015 and is not maintained. This report provides in-depth analysis of the 46 firm and possible offer announcements made for companies subject to the Takeover Code in H1 2015. It includes insight into public M&A trends and what we might

Timetable—hostile offer—before 5 July 2021 [Archived]

Timetable—hostile offer—before 5 July 2021 [Archived] This archived timetable covers the key steps on a hostile offer that is announced before 5 July 2021. It has not been maintained since the Code’s revision in July 2021. For other examples of timetables used on takeover transactions, see: • Timetable—recommended offer—before 5 July 2021 • Timetable—recommended offer • Timetable—hostile offer • Timetable—scheme of arrangement On 31 March 2021 the Takeover Panel (Panel) published a response statement in which it confirmed that it would be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code applies to all firm offers which are announced on or after 5 July 2021 (implementation date), except where to do so would give the amendments retroactive effect. Any ongoing firm offers which straddle the implementation date, and any offers announced on or after the implementation date which are in competition with such ongoing offers, continue to be subject to the unamended provisions of the Code. Appendix D to...

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Director’s responsibility letter—offeree directors

Director’s responsibility letter—offeree directors To: [name of offeree] (the Company) and its other directors [name of financial adviser] (the Bank) Proposed takeover offer for the Company 1 I, the undersigned, a director of the Company, understand that in connection with the offer [to be] made by the [insert name of offeror] (the Offeror) for [all] the issued [and to be issued] [ordinary] [and preference] share capital of the Company [(such offer to be implemented by means of a scheme of arrangement (Scheme) of the Company) ](the [ Offer OR Acquisition ]), 1.1 [the Offeror will or may issue or publish, or cause to be issued or published (amongst other things): 1.1.1 a document addressed to shareholders of the Company, containing information about the Offer, including full details of its terms and conditions (the Offer Document); 1.1.2 [a prospectus or equivalent document containing details of the issue of shares proposed to be made by...

Memorandum on the responsibilities and obligations of a director of an AIM company

Memorandum on the responsibilities and obligations of a director of an AIM company 1 Introduction 1.1 This memorandum has been prepared for the directors and proposed directors (the Directors) of the Company to provide a general introduction to the principal responsibilities and obligations of a director of a company whose shares are admitted, or will be admitted, to AIM, a market operated by London Stock Exchange plc (LSE). 1.2 Once a company’s securities are admitted to trading on AIM, a company and its directors are subject to an increased layer of regulation. This includes requirements set out in the AIM Rules for Companies published by the LSE (AIM Rules), the Disclosure Guidance and Transparency Rules sourcebook (DTRs), the Prospectus Rules and the Market Abuse Regulation. 1.3 As a Director, you will be responsible (individually and collectively with your fellow Directors) for the Company's compliance with these provisions. The LSE has the power to fine or publicly censure an AIM company in the case of a...

View the related q&as about Takeover

When would the acquisition of a private company be structured as a takeover offer?

When would the acquisition of a private company be structured as a takeover offer? While the acquisition of a private company is typically effected through the buyer(s) and seller(s) entering into a contractual arrangement documented by a share and purchase agreement, there are some circumstances where the transaction may need to be effected by way of a takeover offer under the Companies Act 2006. Such circumstances include: • where the Takeover Code applies to the acquisition—in addition to applying to acquisitions of all UK public companies, the Takeover Code applies to offers for private companies with securities which have been publicly traded in the UK at any time

Can a majority shareholder force a minority shareholder to transfer their shares (whether to that majority shareholder or a third party)?

Can a majority shareholder force a minority shareholder to transfer their shares (whether to that majority shareholder or a third party)? A majority shareholder in a company has limited options under English law to force a minority shareholder to transfer their shares: they must rely on the statutory mechanism of squeeze-out or a scheme of arrangement to effect the transfer or, in a worst-case scenario, resort to liquidating the company. For this reason, a majority shareholder in a company will typically contract with any minority shareholders to gain these rights, using suitably drafted shareholders’ agreements and/or bespoke articles of association. This Q&A assumes that no shares in the company in question are publicly traded. Squeeze-out: compulsory acquisition of shares under the Companies Act 2006 Where a proposed buyer makes a takeover offer (as defined in sections 974–976 of the Companies Act 2006 (CA 2006)) for shares in a company, CA 2006 provides the buyer with a right to acquire the shares held by those minority shareholders...

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FCA revises methodology for calculating the Market Cleanliness Statistic

The Financial Conduct Authority (FCA) has revised its methodology for calculating the Market Cleanliness Statistic (MCS) to ensure it is robust to periods of heightened market volatility and incorporates intraday trading activity. From 2024 onwards, the FCA will implement the market comparison method using intraday data to estimate the MCS. The FCA welcomes feedback on the revised methodology and findings.

Share Incentives weekly highlights—14 November 2024

This week's edition of Share Incentives weekly highlights includes (1) publication of Finance Bill 2024–25, (2) a change in the bonus rates for SAYE schemes and (3) a new Q&A which considers the requirements of the 'trustee independence condition' in respect of employee ownership trusts (EOTs), which was announced as part of Autumn Budget 2024 and for which draft legislation has also been published.