Group Calls Time On Relaxed Share Issuance Rules

Law360, London (November 20, 2020, 11:47 AM GMT) -- An industry body said Friday that relaxed rules on issuing shares, which were put in place at the start of the coronavirus crisis to help businesses raise extra cash more rapidly, will be halted at the end of November.

The Pre-Emption Group, whose secretariat is the Financial Reporting Council, said that companies listed on the London Stock Exchange will have to resume the practice of giving existing shareholders the right of first refusal when they sell new shares from December.

So-called pre-emption rights allow businesses to raise up to 10% of their share capital without offering shares to existing shareholders first. But...

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