New Guidelines On Disapplying Pre-emption Rights

The Pre-Emption Group (PEG) has published a revised Statement of Principles for the disapplication of pre-emption rights, along with new template resolutions. PEG is the group that represents listed companies, investors and intermediaries, and issues best practice guidance and documents for companies' annual resolutions to disapply pre-emption rights.

The revised Principles implement one of the recommendations of the UK Secondary Capital Raising Review (SCCR), which looked at the regime for secondary capital raisings by listed companies in the UK and how it can be improved. The SCCR itself was launched in response to a recommendation of the Lord Hill UK Listing Review and our updated summary of the status of the various Hill Review recommendations is available here.