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Listing requirements and continuing obligations鈥攑remium listing and standard listing鈥攑rior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. 聽The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime鈥攆undamentals.聽This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the listing requirements and key continuing obligations that previously applied to a commercial company with a listing of equity securities on the premium and standard listing segments prior to 29 July 2024. Requirements for listing鈥攑rior to 29 July 2024...
Eligibility requirements鈥攑remium listing, standard listing, High Growth segment and AIM鈥攑rior to 29 July 2024 A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. 聽The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. In addition, the London Stock Exchange closed the High Growth segment. For further information see Practice Note: Reform of the UK listing regime鈥攆undamentals.聽This checklist reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This checklist compares the eligibility requirements for a former premium listing, a former standard listing, an admission to the former High Growth Segment of the Main Market and admission to trading...
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Green loans This Practice Note provides information on green loans and key issues to consider when drafting a green loan agreement. It focuses on the Green Loan Principles (GLP) published by the Loan Market Association (LMA), the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA). The Practice Note: 鈥 explains what is meant by a green loan 鈥 provides an introduction to the GLP and the related guidance (GLP guidance) 鈥 explains what the four components are of a green loan, as set out in the GLP, and summarises its guidance on these four components 鈥 summarises guidance contained in the GLP and GLP guidance around what can constitute a green loan, reviews and greenwashing, and 鈥 provides information on finding precedent wording, including information on the Loan Market Association draft provisions, and drafting tips What is meant by a green loan? Green loans are described in the GLP as: 鈥樷reen loans are any type of loan instruments and/or contingent facilities...
How to carry out a verification exercise This short guide provides practical guidance on how to carry out a verification exercise on a prospectus or AIM admission document prepared in connection with the admission of a company鈥檚 shares to trading on the main market of the London Stock Exchange (Main Market) or to trading on AIM. This guide refers to verification of a prospectus and admission document. Other communications made by the company in the context of an IPO or secondary offer will also need to be verified, such as investor presentations and press announcements, although the information in these documents should in any case be consistent with the prospectus/admission document. For more information on verification, see Practice Note: Admission to AIM鈥攄ue diligence and verification and for example verification notes, see Precedents: Skeleton verification notes鈥擜IM and Skeleton verification notes鈥攕econdary offers. What is verification? Verification is an important but time consuming process which involves checking each statement made in a prospectus or admission document in order to protect those who have...
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Getting to know finance and accounting in your business鈥攅xercise for in-house lawyers This Getting to know finance and accounting in your business鈥攅xercise for in-house lawyers aims to give you insight into finance and accounting in your own organisation by equipping you with key financial questions. You should record all answers in the table. You may well need to ask your finance department to help plug any gaps. Question Answer Is your company growing year-on-year? 鈽 Yes鈽 No How does this compare with your company鈥檚 competitors? [Insert answer] Do you know your organisation鈥檚:鈥攔eturn on total assets;鈥攑rofit margin; and鈥攁sset turnover? 鈽 Yes鈽
Board minutes for the approval of a company鈥檚 entry into an unsecured facility agreement Company number: [insert company number] [insert company name] [LIMITED OR PLC] Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] (the Company) Held at [insert place of meeting] Held on [insert day, month and year of meeting] at [insert time of meeting] [am OR pm] Present: [Insert names of any directors present, whether physically or by any remote means (unless such means specifically excluded by the Company鈥檚 articles of association) [by [insert means of attendance for each director attending remotely]]] [ In attendance: ] [[Insert name of anyone in attendance, whether physically or by any remote means, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting by any means]] 1 Chair, notice and quorum [Insert name]...
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What are the benefits for a shareholder to a joint venture in financing the joint venture company using debt, such as loan note or loans, as opposed to solely equity? There are two principal advantages in funding a joint venture company by way of debt rather than equity. However, these advantages need to be carefully evaluated in the light of tax issues. The first advantage is that loans may carry interest, either at fixed or variable rates. Interest may be paid by the joint venture company from any available funds (unlike dividends on shares, which may be paid only from net realised profits). Furthermore, interest payments will usually (subject to the precise circumstances) be deductible in calculating the joint venture company's taxable profits, whereas dividends would never be deductible expenses. However, this basic position may be affected if the joint venture company and one or more of its shareholders are connected (as defined). In certain circumstances, the deductibility of interest payments may be restricted or delayed....
What are the options for emergency equity fundraisings for listed companies in light of the coronavirus (COVID-19) pandemic? With the coronavirus (COVID-19) pandemic continuing to cause significant economic turmoil, many listed companies may need to raise funds quickly through equity capital fundraisings. Equity fundraisings can be split into two different types: pre-emptive offerings and non-pre-emptive offerings. In a pre-emptive offering, such as a rights issue or an open offer, shareholders are given the opportunity to subscribe in the fundraising pro-rata to their existing shareholdings. In a non-pre-emptive offering, such as a placing, shares are offered to selected investors and this will see the holdings of existing shareholders in the company diluted. The key types of secondary fundraisings which a listed company may consider in an emergency situation are discussed below. Placing In a placing, shares are usually offered to a selected group of institutional investors for cash. The placing is generally structured so that it falls within one of the exemptions from the requirement to publish...
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Law360, London: Administrators overseeing part of the collapse of Lex Greensill's empire will head to trial in October 2027 to seek US$400m from a Swiss insurance company that has accused the financier and one of his major former clients, Sanjeev Gupta, of fraud.
Banking & Finance analysis: This News Analysis discusses some key recent developments in relation to term rates based on SONIA (Term SONIA), including the publication of the Standard on the use of Term SONIA by the Financial Markets Standards Board (FMSB) and the guidance note on using term rates published by the Loan Market Association (LMA). It looks at when SONIA term rates can be used and some key considerations to bear in mind when doing so.
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