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ARTICLE · 14 MARCH 2003

Rights Issues – Back in Fashion?

Barlow Lyde & Gilbert LLP
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United KingdomFinance and Banking
Jonathan Deverill
Jonathan Deverill

BACKGROUND

Until recently, most people would probably have agreed that (with one or two notable exceptions) there had not been any significant rights issues by UK listed companies since the early 1990s. However, with the ground-breaking £5.9 billion rights issue announced by BT plc in May 2001 and then those undertaken recently by European insurers such as Legal & General and Zurich, there are signs that the rights issue is coming back into vogue as a means of raising fresh capital.

There are a number of commercial reasons why companies are now announcing rights issues. However, a "common thread" is the need to address certain legal issues which arise. This note contains a refresher on some key legal issues and a reminder of the principal stages in a rights issue timetable.

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