Rights Issue Timetable Chart Notes
This is a sample of our (approximately) 3 page long Rights Issue Timetable Chart notes, which we sell as part of the Public Companies and Equity Finance Notes collection, a Distinction package written at Multiple Institutions in 2013 that contains (approximately) 165 pages of notes across 52 different documents.
The original file is a 'Word (Docx)' whilst this sample is a 'PDF' representation of said file. This means that the formatting here may have errors. The original document you'll receive on purchase should have more polished formatting.
Rights Issue Timetable Chart Revision
The following is a plain text extract of the PDF sample above, taken from our Public Companies and Equity Finance Notes. This text version has had its formatting removed so pay attention to its contents alone rather than its presentation. The version you download will have its original formatting intact and so will be much prettier to look at.
Rights Issue Timetable Date
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
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 o 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
Need to give 14 (s307 CA) clear (s360 CA) days
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
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. 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
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