A ratchet in private equity is a mechanism to vary the amount of equity held by founders, managers and employees post-investment.In a venture capital...
The underwriters or initial purchasers in an international securities offering will customarily require that the issuer's accountants provide one or...
What is an intention to float announcement?An intention to float announcements (ITF) is generally the first announcement to the public by an issuer of...
The principle definedCompany decisions are made by way of resolutions of the shareholders. There are three ways in which a resolution of a company may...
This Practice Note summarises the traditional fiduciary duties of company directors, including the duty to act in the best interests of the company,...
This Practice Note provides an overview of the agreement for the sale and purchase of shares in a private limited company (target): the share purchase...
BREXIT IMPACT: The law as set out in this Practice Note may be affected by Brexit. For further details on the potential impact of Brexit, see Impact...
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of...
Coronavirus (COVID-19): Following the coronavirus (COVID-19) outbreak, the London Stock Exchange released a notice to give companies guidance on the...
Under the Prospectus Regulation an issuer is required to publish a prospectus which must be approved by a competent authority when offering securities...
The basic requirement for a prospectus to be produced when an offer is made to the public is contained in section 85(1) of the Financial Services and...
At the end of the Brexit implementation period (IP completion day), and in the absence of any agreement between the UK and the EU to the contrary, the...
Section 90 of the Financial Services and Markets Act 2000 (FSMA 2000) outlines the requirements for compensation for statements in listing particulars...
Written in partnership with John Holme (Senior Associate, Hogan Lovells International LLP) and Maegen Morrison (Partner, Hogan Lovells International...
Shares in a company can be issued as certificated shares or uncertificated shares. Generally, shares issued by private companies and unlisted public...
General restriction on a private company making an offer of securities to the publicSection 755 of the Companies Act 2006 (CA 2006) contains a general...
Rights issue and open offers are means of capital raising for a company. Rights issues involve the offer of shares, usually at a substantial discount...
Where transferable securities are being offered to the public and admission to trading of such transferable securities is being sought, only a single...
The most common types of secondary issue in the UK are rights issues, open offers and placings. Rights issues and open offers are pre-emptive public...
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