1202
Where an issuer proposes to issue a circular to its shareholders in relation to an issue of securities or in relation to a transaction, the issuer must submit one draft copy of the circular to the Exchange for review.
1203
An issuer must submit to the Exchange for review, one draft copy of a notice of meeting if it contains a resolution relating to:—
Amended on 29 September 201129 September 2011 and 12 February 2021.
1204
No circular or notice of meeting to be submitted to the Exchange for its review may be circulated or made available publicly until the Exchange advises that it has no objection to the issuance of the circular or notice of meeting. The Exchange will normally complete the review within 4 weeks from the date of submission. However, the time taken may be longer depending on the circumstances.
1205
Each of the directors or vendors of an issuer is required to accept responsibility for the accuracy of the information in a circular sent to shareholders and a statement to that effect, as set out in Practice Note 12.1, must be incorporated in the circular.
Amended on 29 September 201129 September 2011.
1206
Any circular sent by an issuer to its shareholders must:—
For example:—
Corporate Action | Rules requiring specific information to be disclosed in the circulars to shareholders |
(a) Rights Issues | Appendix 8.2 |
(b) Bonus Issues and Subdivision of Shares | Rule 839 |
(c) Issue of Warrants and Other Convertible Securities | Rule 832 |
(d) Employee Share Option Schemes | Rules 855, 856, 857, 858 and 861 |
(e) Share Buy-Backs | Rule 883 |
(f) Scrip Dividends | Rule 862(1) |
(g) Interested Person Transactions | Rules 920(1)(b) and 921 |
(h) Significant Transactions | Rule 1014 |
(i) Very Substantial Acquisitions or Reverse Takeovers | Rule 1015(5) |
Amended on 29 September 201129 September 2011, 31 March 201731 March 2017, 26 June 201826 June 2018, 10 January 202010 January 2020 and 7 February 20207 February 2020.