UKLR 16.4 Reverse takeovers
Cancellation of listing
1If a listed company is proposing to enter into a transaction classified as a reverse takeover it should consider UKLR 21.2.2G and UKLR 21.2.5G.
1Where a listed company completes a reverse takeover, the FCA will seek to cancel the listing of a listed company’s shares unless the FCA is satisfied that circumstances exist such that cancellation is not required. The FCA will have regard to UKLR 21.2.1R and the individual circumstances of the case.
1Where the listed company’s listing is cancelled following completion of a reverse takeover, the issuer must re-apply for the listing of the shares.
1A listed company must contact the FCA as early as possible:
- (1)
before a reverse takeover which has been agreed or is in contemplation is announced;
- (2)
where details of the reverse takeover have leaked,
to discuss whether a cancellation of listing is appropriate on completion of the reverse takeover.