Warrant entitling holders to exercise a call to substitute them for shares at a fixed price (or strike price).

The borrower's right to redeem (ie pay off) a security. English law prohibits any contractual provision which prevents the borrower from exercising this right (known as a clog on the equity of redemption).

Actuaries of pension schemes make an allowance for the fact that equities in the pension scheme's portfolio will normally out-perform the investment returns of fixed-interest (ie gilts or bonds) – as they should if the economic theory of capitalism is correct. The benefit of the investment risk is incorporated in the discount rate or the assumptions underlying the recovery plan.

A partner who has a full interest in the business of the partnership and enjoys full rights, including the right to participate in the profits and losses of the partnership and vote on all partnership matters.

A way in which older people can use the value of their home to release cash.

In recent years the phenomenon of the capital-rich, cash-poor elderly client has become more common. Generally their wealth is tied up in their home which has appreciated substantially over the years, whereas their income from pensions and savings may have remained relatively static if not fallen in real terms. Not surprisingly, there is often a desire to turn that fixed and generally unrealisable wealth into cash without having to sell their home. Equity release basics Equity release can be the answer. Any capital released can provide a lump sum, an income or both. Equity release schemes fall into two broad categories: • lifetime mortgages, where the homeowner raises money by taking out a mortgage against the property. The loan is repaid only when the homeowner dies or no longer needs the home (eg on moving permanently into residential care) • home reversion plans, where the owner sells a proportion, or all, of their home to a reversion company but retains the right to carry on living there either rent-free or for a nominal rent. The reversion company takes

Pension fund investors should earn more for investing in equities than investing in bonds, because equities are riskier – the company can go bust.

The term is most commonly used in relation to ordinary shares in a company (or the rights to subscribe for, or to convert securities into, ordinary shares in the company) under CA 2006, s 560. In the context of the Listing Rules or the Prospectus Regulation Rules the term has a particular definition under the FCA Handbook which should be referred to as required. See also equity share capital.

CA 2006, s 548 defines 'equity share capital' as shares carrying an uncapped right to dividends and/or distributions of capital. Preference shares are normally, although not always, entitled only to a fixed return by way of both dividends and capital and do not therefore constitute equity share capital.

Those shares forming a company’s equity share capital.

This Practice Note summarises the eligibility requirements for a company applying to be listed in the equity shares (commercial companies) listing category as set out in the UK Listing Rules (UKLR). It also considers the origin of the relevant provisions in the former Listing Rules and discusses the key changes compared to the previous listing regime in force prior to 29 July 2024. Also included is a summary of former premium listing eligibility requirements that have not been carried forward to the commercial companies listing category. Eligibility requirements for the equity shares (commercial companies) listing category The tables below contain a summary of the eligibility requirements that apply to a company applying to list equity shares in the equity shares (commercial companies) listing category together with details of the origin of the requirement in the former Listing Rules (in force prior to 29 July 2024). Summary of eligibility requirements relating to all applicants The table below sets out eligibility requirements that apply to all applicants applying to have securities admitted to listing under the UKLR. There

This Practice Note summarises the continuing obligations which apply to a company listed in the equity shares (commercial companies) listing category as set out in the UK Listing Rules (UKLR). It also considers the origin of the continuing obligations in the former Listing Rules and discusses the key changes compared to the previous premium listing regime in force prior to 29 July 2024. Continuing obligations for companies listed in the equity shares (commercial companies) listing category Summary of continuing obligations The table below contains a summary of the continuing obligations that apply to a company with equity shares listed in the equity shares (commercial companies) listing category together with the origin of the requirement in the former Listing Rules (in force prior to 29 July 2024). Continuing obligation UKLR provision Summary of UKLR requirements Origin in former Listing Rules (LR) Significant transactions UKLR 7 Disclosure-based regime for transactions outside the ordinary course of business at or above 25% in the class tests (called ‘significant transactions’).No requirement for prior shareholder approval or publication