The following Corporate practice note Produced in partnership with Danette Antao of Hogan Lovells and Maegen Morrison of Hogan Lovells provides comprehensive and up to date legal information covering:
This Practice Note explains the cash box structure and the principles behind its use in connection with a proposed placing by a public limited company incorporated in the UK admitted to listing on the Official List of the Financial Conduct Authority (FCA) and to trading on the Main Market of the London Stock Exchange (Main Market). This Practice Note is equally applicable to a public limited company incorporated in the UK which is admitted to trading on AIM if a cash box structure for a placing is used.
The operation of the UK listing and prospectus regime may be affected by Brexit. For further details, see Practice Note: Brexit—UK listing and prospectus regime.
Coronavirus (COVID-19): following the COVID-19 outbreak, the Pre-Emption Group has temporarily relaxed its position on non-pre-emptive issues by premium listed companies and encourages investors to support on a case-by-case basis non-pre-emptive issues of up to 20% of issued share capital. Initially this was only until 30 September 2020 but was extended to 30 November 2020. For further details see LNB News 01/04/2020 58, LNB News 04/09/2020 67 and Practice Note: Pre-emption rights—listed companies.
The following diagram illustrates in summary how a cash box structure operates in connection with a placing:
The cash box structure works as follows:
Cashbox Co is established as a subsidiary of PLC with two classes of shares—ordinary shares
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal system of the religion of Islam that sets out a system of duties or code of conduct for individuals to follow so that they may live their life in a
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