A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
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.
