Rights Issue Timetable Chart - Public Companies and Equity Finance

Draft Prospectus is submitted to FSA for approval

FSA will approve the Prospectus based on Listing Rules requirements

The day when the prospectus is published

• Rights issue is announced to the public by RIS

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

Prospectus

• Prospectus is sent out to Shareholders

• A GM will probably need to be held to pass relevant resolutions – LR 13

  • ASC, Authority, Pre-emption Rights

• Prospectus will therefore include notice of GM

Underwriting Agreement

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

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

GM to pass all resolutions

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

• Need to pass shareholder resolutions e.g.

  • Grant D’s authority to allot

  • Disapply s561

  • Alter AoA (ASC)

D-Day:

• Shares are admitted to Listing on the Official List and Trading on the Main Market (nil paid)

• Trading begins – this is the start of the offer period

• Nil-paid rights will have been credited to the accounts of qualifying CREST shareholders

Offer closes

• Offer closes at the end of the 10 business or 14 day period

• This is the deadline for acceptances and payment in full

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