The UK
Pre-Emption Group has updated its Statement of Principles. The purpose of the Principles is to provide guidance to companies and investors on those factors to take into account when considering whether to disapply pre-emption rights. The revised Principles, available
here, contain the following changes:
- Clarification that convertible instruments are covered by the Principles.
- Acknowledgement that shareholders would not normally have concerns if there was no dilution of value as a result of the proposed issue.
- A recommendation that companies should not seek an authorization for more than a maximum of 15 months.
Further background information is available in this
press release and in this
monitoring report.
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