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Rights Issue Timetable Chart Notes

LPC Law Notes > Public Companies and Equity Finance Notes

This is an extract of our Rights Issue Timetable Chart document, which we sell as part of our Public Companies and Equity Finance Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

The following is a more accessble plain text extract of the PDF sample above, taken from our Public Companies and Equity Finance Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

Rights Issue Timetable Date

Application

At the latest 10 working days before Impact Day (but probably well before)

Draft Prospectus is submitted to FSA for approval FSA will approve the Prospectus based on Listing Rules requirements

Day before Impact Day

Board meeting to approve rights issue Underwriting agreement is signed and held in escrow

Impact Day

The day when the prospectus is published

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Rights issue is announced to the public by RIS

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If not signed at BM day before, underwriting agreement signed on Impact Day, but subject to conditions Prospectus

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Prospectus is sent out to Shareholders

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A GM will probably need to be held to pass relevant resolutions - LR 13 o ASC, Authority, Pre-emption Rights

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Prospectus will therefore include notice of GM Underwriting Agreement

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Needs to be signed as the company will not want to go ahead with the issue without ensuring the shares will be taken up

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87(a) FSMA necessary information in the prospectus includes information about underwriting

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Need to give 14 (s307 CA) clear (s360 CA) days

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Due to 'deemed service' provisions in CA s1147 (and the fact that it's clear days) the notice period will probably end up being about 18 days GM to pass all resolutions

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GM is needed to disapply pre-emption rights in relation to fractional and overseas shares +
giving directors authority to allot if necessary

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Need to pass shareholder resolutions e.g. o Grant D's authority to allot o Disapply s561 o Alter AoA (ASC)

14 clear days (between Impact day and GM)
= 18 calendar days

General Meeting

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