Striving to be best in class Just as it is misleading to judge a company’s financial performance on a single measure such as earnings per share, so is it misguided to attempt to reduce the performa
The ACT warmly welcomes today’s issue by the Pre-Emption Group of a new Statement of Principles to replace the old pre-emption guidelines. The new Principles preserve the essential protection of shareholder pre-emption rights while building in a sensible degree of flexibility. For the first time they cover the re-sale of Treasury Shares.
Pre-emption rights are a cornerstone of UK company law and provide shareholders with protection against inappropriate dilution of their investments. They are enshrined in law by the 2nd Company Law Directive and the Companies Act 1985, which provides that they may be disapplied only by a special resolution of shareholders at a general meeting of the company.
The Bank of England Guidance was developed by the Bank in conjunction with the Association and other bodies and its publication met a long held need for sound guidance on equity issuance. It followed the recommendations of the MMC that the use of tendering for sub-underwriting should be encouraged and that the benefits of deep-discounted share issues should be explained to issuers.
The FSA's Discussion paper 06/3 is entitled 'Implementing MiFID's best execution requirements'. It was published in May 2006 and the period for responses closed on 17 August 2006.
This Exposure Draft of Proposed Amendments to IAS 23 Borrowing Costs has been published by the International Accounting Standards Board as part of its Short-term Convergence project.
Losing control It appears that change of control clauses are becoming the norm in response to complaints by investors that the current climate in the world of mergers and acquisitions (M&As) works
Why the Failure Score is still hit and miss Any new system takes time to bed down and maybe, with the benefit of hindsight, the current concerns over the Failure Score element of the Pension Protec
The European Commission has put forward proposals that will bring down existing legal barriers to enable the creation of a "Single Payments Area" in the EU that could save the EU economy €50-100 billion per year. The aim is to make cross-border payments – by credit card, debit card, electronic bank transfer, direct debit or any other means – as easy, cheap and secure as 'national' payments within one Member State.
