Listed and public company issues—share and asset purchases
Listed and public company issues—share and asset purchases

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Listed and public company issues—share and asset purchases
  • Main Market companies
  • AIM companies
  • All public companies

The issues raised in this practice note apply to companies whose shares have a standard or premium listing on the Official List of the Financial Conduct Authority (FCA) and are admitted to trading on the main market for listed securities (Main Market), operated by the London Stock Exchange (LSE) or have their shares admitted to trading on AIM, a market operated by the LSE (AIM). The note also covers issues common to all public companies, whether listed on a stock exchange or not.

The key additional procedures that listed companies must follow will be those set out in the rules governing the stock market they are listed on (being the Listing Rules (LR) for Main Market companies and the AIM Rules for Companies (AIM Rules) for those on AIM). There are also provisions in the Companies Act 2006 (CA 2006), the Disclosure and Transparency Rules and the City Code on Takeovers and Mergers (Code) which may apply depending on the circumstances.

If the listed company is going to issue new securities as part of the transaction, it will need to consider whether a prospectus will be required, see Practice Note: The Prospectus Directive and ECM—when is a prospectus required? [Archived] for more information.

Main Market companies

Companies whose shares have a standard or premium listing on the Official List of the Main