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UK’s Pre-emption Group releases monitoring report on updated principles

The Financial Reporting Council’s pre-emption group (PEG) has released a report showing the progress of implementation of the Statement of Principles (principles), which were updated in 2015 to reflect market changes. The PEG found that the revised principles were largely adhered to while the FRC said the report’s findings showed the importance of open dialogue and engagement between investors and […]

Change to Pre-emption Guidelines urgently required

British investors take their pre-emption rights very seriously – and rightly so. However, the trickle of UK companies trampling over these precious rights is threatening to become a flood as “cash-box” placings become ubiquitous. Cash-box placings channel capital raised through an offshore companies (generally located in Jersey or Guernsey). The underwriters subscribe for redeemable preference shares in the offshore […]