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ARTICLE · 11 NOVEMBER 2022

Pre-Emption Groups Issue Revised Statement Of Principles

Arthur Cox
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The Pre-Emption Group has published a revised Statement of Principles, which permits the disapplication of pre-emption rights up to 20% (10% plus 10%) of a company's issued ordinary share capital.

IrelandCorporate/Commercial Law
Suzanne Kearney
Suzanne Kearney
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The Pre-Emption Group has published a revised Statement of Principles, which permits the disapplication of pre-emption rights up to 20% (10% plus 10%) of a company's issued ordinary share capital.

Increased Threshold

The Principles allow the annual disapplication of pre-emption rights to include:

  • 10% of issued ordinary share capital to be issued on an unrestricted basis;
  • an additional 10% issued ordinary share capital to be used for either an acquisition or specified capital investment, which is announced contemporaneously with the issue or occurring in the previous 12 months; and
  • an additional 2%, to be used only for the purposes of a "follow-on offer" to existing holders of securities not allocated shares under an issue made under either of the two bullets above.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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