UK Listed Companies seeking to raise new share capital in response to the COVID-19 pandemic will welcome the new measures announced by the FCA relating to working capital statements, the modification of general meeting requirements under the Listing Rules, smaller share issues and shorter form prospectuses. Here, we summarise the new measures and highlight the points for companies to note in practice.
 
Background 

  • On 8 April 2020, the FCA published a Statement of Policy announcing a series of measures aimed at assisting companies to raise new share capital in response to the COVID-19 pandemic, whilst also retaining an appropriate degree of investor protection. The full statement can be found here.
  • The new measures relate to working capital statements, the modification of general meeting requirements under the Listing Rules, smaller share issues and shorter form prospectuses, each of which are summarised in turn below.
  • The measures came into force on 8 April 2020, and the measures regarding working capital statements and general meeting requirements will be in place until the FCA advises otherwise. It is likely that these measures will only be in force for the duration of the coronavirus crisis.
Should you have any questions regarding the new measures set out in the FCA’s guidance, please contact Kate Ball-Dodd or Harriet Hainsworth.
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