The following Corporate practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): Following the coronavirus (COVID-19) outbreak, the London Stock Exchange released a notice to give companies guidance on the deferral and cancellation of dividends. For more information on this guidance, see Dividend Procedure Timetable below. Over the coming weeks and months, an increasing number of UK companies are expected to seek to preserve their cash by suspending and/or cancelling dividends. For an examination of the relevant law, guidance and practice, see Q&A: Can a company suspend or cancel a dividend in the light of the coronavirus (COVID-19) pandemic? For further details of the impact of COVID-19 more generally, see Practice Note: Coronavirus (COVID-19)—key issues for Corporate lawyers.
When a listed company or an AIM company wishes to declare and pay dividends to its shareholders, it has to comply with the provisions of the Companies Act 2006 (CA 2006). For a general explanation of the CA 2006 provisions relating to dividends and distributions, see Practice Note: Dividends and distributions.
In addition, a listed company must comply with:
the Admission and Disclosure Standards (the Standards) of the London Stock Exchange (LSE)
the LSE's Dividend Procedure Timetable
the Listing Rules (the LRs), and
the Disclosure Guidance and Transparency Rules (the DTRs)
While an AIM company must comply with:
the AIM Rules for Companies, and
A listed company should also have regard to the guidance issued
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