The following Corporate guidance note provides comprehensive and up to date legal information covering:
The allotment and issue of shares is governed by statutory rules, which differ according to the type of company which is proposing the allotment (private or public, listed or unlisted) and whether that company has a single or multiple classes of shares.
This Practice Note considers the allotment and issue of shares by a private company with a single class of shares that proposes to allot shares of a different class, a private company with more than one class of shares and a public unlisted company (being a company that is not a listed company, AIM company or a company with securities listed on the NEX Exchange Main Board, NEX Exchange Growth Market or NEX Exchange Secondary Market (previously known as PLUS-listed, PLUS-quoted and PLUS-traded).
For general information, see Practice Note: Allotment and issue of shares—introductory points. For information on the allotment and issues of shares for other types of companies, see Practice Notes: Allotment and issue of shares—private companies with one class of shares and Allotment and issue of shares—listed companies.
Subject to certain exceptions, a director of a private company with only one class of shares in issue that proposes to allot shares of the different class as that in existence, a private company with more than one class of shares in issue or a public unlisted company must not exercise any
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