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The Pre-Emption Group published a report on the implementation of its 2015 Statement of Principles for disapplying pre-emption rights and a template resolution for disapplying pre-emption rights.
On 5 May 2016, the Pre-Emption Group published a monitoring
report on the implementation of its 2015 Statement of Principles
for disapplying pre-emption rights and a template resolution for
disapplying pre-emption rights.
The monitoring report showed that the 2015 Statement of
Principles were generally adhered to, but to assist companies
further the template recommends companies to propose two separate
resolutions:
a 5% disapplication to be used on an unrestricted basis;
and
an additional 5% disapplication to be used for an acquisition
or capital investment as defined by the 2015 Statement of
Principles.
Where the board chooses to use the additional 5% authority,
companies will need to disclose their reasons and the consultation
process undertaken.
The template resolutions are considered good practice and
companies will be expected to use them for general meetings held
after 1 August 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
