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Legal Update

ABI replacement guidance on directors’ powers to allot shares: greater headroom for rights issues

January 2009
Mayer Brown Legal Update
In November 2008, the Rights Issues Review Group (“Review Group”) made various recommendations to the Chancellor in relation to reform of the rights issue process. One of these recommendations was for the Association of British Insurers (“ABI”) to review its guidance on the ceiling on allotments of shares in light of the Review Group’s recommendation that it be increased from one third to two thirds of an issuer’s share capital.
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