The following Corporate practice note provides comprehensive and up to date legal information covering:
This document provides accessible practical guidance and links to more comprehensive content in relation to class 1 transactions undertaken by UK companies with a premium listing. It focuses on the main company law and regulatory issues found in the Companies Act 2006 (CA 2006) and the FCA Handbook.
The Listing Rules in the FCA Handbook contain detailed rules on the action a premium listed company must take when it enters into a transaction which is deemed to be significant due to its size or impact on the listed company. These are aimed at ensuring that shareholders are kept fully informed and have the opportunity to vote on significant transactions which may affect their investment in the company. The rules relating to transactions by premium listed companies are set out in Chapter 10 of the Listing Rules and only apply to companies with a premium listing and not to those with a standard listing.
In summary, a class 1 transaction is a transaction (or a series of related transactions in a 12 month period) by a premium listed company or one of its subsidiary undertakings, the size of which accounts for 25% or more of the size of the listed company and which is outside the ordinary course of the listed company’s business. The size of the transaction is measured using a
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This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow
On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
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