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ABI Guidance On Share Allotment Authorities, BERR Consultation On Notice Periods For Meetings, FSA Clarifies Disclosure Requirements.

Publication: Mondaq Business Briefing
Publication Date: 01-FEB-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: ABI Guidance On Share Allotment Authorities, BERR Consultation On Notice Periods For Meetings, FSA Clarifies Disclosure Requirements.(Association of British Insurers )

Article Excerpt
New ABI Guidance on Authorities to Allot Shares

The Association of British Insurers (ABI) has recently issued new guidance on the extent of the general allotment authority (under s.80, Companies Act 1985) which it regards as acceptable for listed companies.

The new guidance replaces the ABI's previous guidance that a resolution seeking general authority to allot one third of the existing issued ordinary share capital or the amount of unissued but authorised ordinary share capital (if less) would be regarded as routine (meaning that institutional investors who are ABI members will accept and approve it). The ABI will also now regard as routine a resolution authorising the allotment of an additional one third of the issued share capital provided that:

the additional one third authority may only be used for fully pre-emptive rights issues; and

both the additional authority and the general authority must expire on the date of the next annual general meeting (if a general allotment authority only is obtained, that authority may be for a period of up to five years).

The ABI recognises in particular the case...

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