LR 14.3 Continuing obligations

The listed equity securities of an overseas company must be admitted to trading on an RIE's market for listed securities at all times.

1. (1)

   An overseas company must comply with LR 14.2.2 R at all times.

2. (2)

   An overseas company that no longer complies with LR 14.2.2 R must notify the FSA as soon as possible of its non-compliance.

Where equity security of the same class as equity securities that are listed are allotted, an application for admission to listing of such equity securities must be made as soon as possible and in any event within one year of the allotment. [Note: Article 64 CARD]

An overseas company must lodge two copies of any proposed amendment to its constitution with the FSA by no later than when it sends the notice convening the meeting to decide on the amendment. [Note: Article 66 CARD]

An overseas company must forward to the FSA, for publication through the document viewing facility, two copies of:

1. (1)

   all circulars, notices, reports or other documents to which the listing rules apply, at the same time as any such documents are issued; and

2. (2)

   all resolutions passed by the company other than resolutions concerning ordinary business at an annual general meeting, as soon as possible after the relevant general meeting.

1. (1)

   An overseas company must notify a RIS as soon as possible when a document has been forwarded to the FSA under LR 14.3.6 R unless the full text of the document is provided to the RIS.

2. (2)

   A notification made under paragraph(1) must set out where copies of the relevant document can be obtained.

An overseas company must ensure that the FSA is provided with up to date contact details of appropriate persons nominated by it to act as the first point of contact with the FSA in relation to the overseas company's compliance with the listing rules and the disclosure rules and transparency rules, as applicable.

An overseas company must ensure that any temporary document of title (other than one issued in global form) for an equity security:

1. (1)

   is serially numbered;

2. (2)

   states where applicable:

   1. (a)

      the name and address of the first holder and names of joint holders (if any);

   2. (b)

      the pro rata entitlement;

   3. (c)

      the last date on which transfers were or will be accepted for registration for participation in the issue;

   4. (d)

      how the equity securities rank for dividend or interest;

   5. (e)

      the nature of the document of title and proposed date of issue;

   6. (f)

      how fractions (if any) are to be treated; and

   7. (g)

      for a rights issue, the time, being not less than 21 days, in which the offer may be accepted, and how equity securities not taken up will be dealt with; and

3. (3)

   if renounceable:

   1. (a)

      states in a heading that the document is of value and negotiable;

   2. (b)

      advises holders of equity securities who are in any doubt as to what action to take to consult appropriate independent advisers immediately;

   3. (c)

      states that where all of the equity securities have been sold by the addressee (other than ex rights or ex capitalisation), the document should be passed to the person through whom the sale was effected for transmission to the purchaser;

   4. (d)

      has the form of renunciation and the registration instructions printed on the back of, or attached to, the document;

   5. (e)

      includes provision for splitting (without fee) and for split documents to be certified by an official of the overseas company or authorised agent;

   6. (f)

      provides for the last day for renunciation to be the second business day after the last day for splitting; and

   7. (g)

      if at the same time as an allotment is made of shares issued for cash, shares of the same class are also allotted credited as fully paid to vendors or others, provides for the period for renunciation to be the same as, but no longer than, that provided for in the case of shares issued for cash.

An overseas company must ensure that any definitive document of title for an equity security (other than a bearer security) includes the following matters on its face (or on the reverse in the case of (5) and (7)):

1. (1)

   the authority under which the overseas company is constituted and the country of incorporation and registered number (if any);

2. (2)

   the number or amount of equity securities the certificate represents and, if applicable, the number and denomination of units (in the top right-hand corner);

3. (3)

   a footnote stating that no transfer of the equity security or any portion of it represented by the certificate can be registered without production of the certificate;

4. (4)

   if applicable, the minimum amount and multiples thereof in which the equity security is transferable;

5. (5)

   the date of the certificate;

6. (6)

   for a fixed income security, the interest payable and the interest payment dates and on the reverse (with reference shown on the face) an easily legible summary of the rights as to redemption or repayment and (where applicable) conversion; and

7. (7)

   for shares with preferential rights, on the face (or, if not practicable, on the reverse), a statement of the conditions thereof as to capital, dividends and (where applicable) conversion.

An overseas company must ensure equality of treatment for all holders of its equity securities who are in the same position. [Note: Article 65(1) CARD]

An overseas company must ensure that at least in each EEA state in which its equity securities are listed all the necessary facilities and information are available to enable holders to exercise their rights. In particular it must:

1. (1)

   inform holders of meetings which they are entitled to attend;

2. (2)

   enable them to exercise their vote, where applicable; and

3. (3)

   publish notices or distribute circulars giving information on:

   1. (a)

      the allocation and payment of dividends and/or interest;

   2. (b)

      the issue of new equity securities, including arrangements for the allotment, subscription, conversion or exchange of such securities; and

   3. (c)

      redemption or repayment of the equity securities. [Note: Article 65(2) CARD]

An overseas company must appoint a registrar in the United Kingdom if:

1. (1)

   there are 200 or more holders resident in the United Kingdom; or1

2. (2)

   10% or more of the equity securities are held by persons resident in the United Kingdom.1

An overseas company must notify a RIS as soon as possible (unless otherwise indicated in this rule) of the following information relating to its capital:

1. (1)

   any proposed change in its capital structure including the structure of its listed debt securities, save that an announcement of a new issue may be delayed while marketing or underwriting is in progress;

2. (2)

   any change in the rights attaching to any class of its listed equity securities or to any of its securities which are convertible into equity shares;

3. (3)

   any redemption of listed equity securities including details of the number of equity securities redeemed and the number of equity securities of that class outstanding following the redemption;

4. (4)

   the basis of equity securities offered:

   1. (a)

      generally to the public for cash; or

   2. (b)

      by way of an open offer to shareholders;

5. (5)

   any extension of time granted for the currency of temporary documents of title;

6. (6)

   the effect, if any, of any issue of further securities on the terms of exercise of rights under options, warrants and other securities convertible into equity shares; and

7. (7)

   the results of any new issue of listed equity securities or of a public offering of existing shares or other equity securities.

Where the equity securities are subject to an underwriting agreement an overseas company may, at its discretion and subject to DTR 2 (Disclosure and control of inside information by issuers), delay notifying a RIS as required by LR 14.3.17R (7) for up to two business days until the obligation by the underwriter to take or procure others to take equity securities is finally determined or lapses. In the case of an issue or offer of equity securities which is not underwritten, notification of the result must be made as soon as it is known.

1. (1)

   An overseas company that is incorporated in a non-EEA state must notify a RIS of the information set out in paragraph (2) when it becomes aware that a person or entity has acquired or disposed of a number of shares in the overseas company such that the person's or entitys holding of the voting rights of the company (determined in accordance with Article 92 CARD) reaches, exceeds or falls below 10%, 20%, one third or 50% and two thirds of the total voting rights.

The notification required by LR 14.3.19 R must be made as soon as possible and in any event by 7:30 a.m. on the business day following the date on which the company becomes aware of the acquisition or disposal.

An overseas company that is incorporated in an EEA state must notify a RIS as soon as possible and in any event by 7.30 a.m. on the business day following receipt of the information of details of the interests of which the company is aware in the shares of the company as communicated to the company pursuant to the law of its country of incorporation and (if different) the requirements of the competent authority of the EEA State where the company has a listing. [Note: Article 68(3) CARD]