On 13 January 2015, regulations were published which amend and clarify the buyback provisions of the Companies Act 2006 to ensure that the changes introduced in 2013 (including payments out of cash for "small" buybacks (i.e. the lower of £15,000 or 5% of share capital) and reduced requirements for buybacks for employee share schemes) operate effectively. The changes made by the draft Regulations are set out below.
The draft Regulations are available here:
http://www.legislation.gov.uk/ukdsi/2015/9780111127094/pdfs/ukdsi_9780111127094_en.pdf.
The explanatory memorandum is available here:
http://www.legislation.gov.uk/ukdsi/2015/9780111127094/pdfs/ukdsiem_9780111127094_en.pdf.
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.
