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Eligibility Requirements For Listing Crib Sheet Notes

LPC Law Notes > Public Companies and Equity Finance Notes

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Eligibility Requirements/Requirements for Listing 1) Corporate Status a. Is the company a private company? (THEREFORE MUST CONVERT) a.i. 75(3) FSMA no application for listing may be entertained in respect of securities issued by a body corporate of a prescribed kind a.i.1. Reg 3, FMSA (Official Listing of Securities Regulations) 2001 provides that securities of a private company are prescribed for this purpose a.ii. 755 CA 2006 prohibits a private company from offering is shares to the public a.iii. Re-registration as a public company a.iii.1. 90(1)(a) Special resolution that it should be re-registered a.iii.2. Satisfy conditions by sections 90-93 CA 2006 a.iii.2.a. 90(2)(a) Public company must have share capital a.iii.2.a.i. 91(1)(a) allotted share capital must not be less than the authorised minimum a.iii.2.a.i.1. 763(1) authorised minimum is PS50,000 or Euro equivalent a.iii.2.b. 91(1)(b) allotted shares must be paid up to at least one quarter of the nominal value of the shares and the whole of any premium a.iii.2.c. 58(1) name must have 'plc' or 'public limited company' inserted at the end a.iii.2.d. 21(1) Adopt new articles by Special resolution 2) 75(4) FSMA FSA cannot grant an application for listing unless it is satisfied that the requirements of the Listing Rules have been complied with 3) Management & Administration a. LR 2.2.1R company must be duly incorporated and operate in conformity with its constitution a.i. 271 CA 2006 appoint a company secretary who is qualified in accordance with 273 CA 2006 a.ii. 154 CA 2006 have at least 2 directors 4) Constitution a. Restrictions on the transferability of shares (pre-emption rights) would not meet the eligibility requirements of the Listing Rules a.i. LR 2.2.4R shares must be freely transferable b. Company may need to adopt new articles suitable to its status as a listed company b.i. Special resolution of shareholders - normally adopted immediately prior to admission c. Shares must also be fully paid to satisfy LR 2.2.4 5) Share Capital a. LR 2.2.2 shares must conform with the law of the applicant's place of incorporation, be duly authorised and have any necessary consents a.i. DOES COMPANY COMPLY?
a.i.1. Company will need to ensure directors have authorisation to issue new shares a.i.1.a. In articles or ordinary resolution under 551 CA 2006 a.i.2. Company must also dis-apply 561 CA 2006 pre-emption rights before it issues shares a.i.2.a. 570 or 571 in the articles or by special resolution a.i.3. 763(1) CA minimum share capital of PS50,000 of which a quarter must be paid up b. LR 2.2.4R shares must be freely transferable b.i. ARE THERE ANY CURRENT RESTRICTIONS?

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