18. Public offers of shares

Company Law ◽  
2019 ◽  
pp. 498-521
Author(s):  
Lee Roach
Keyword(s):  
Financial Services ◽  
Stock Exchange ◽  
Listed Companies ◽  
Securities Regulation ◽  
Stock Exchanges ◽  
London Stock Exchange ◽  
The Public ◽  
Public Offer ◽  
Rights Issues ◽  
Alternative Investment

This chapter studies the sources of securities regulation, the rules relating to offering shares to the public, the various UK stock exchanges, and the process by which securities are listed. There are several types of public offer, including offers for subscription, offers for sale, placings, and rights issues. The London Stock Exchange is the principal UK stock exchange, and its two principal markets are the Main Market and the Alternative Investment Market. The principal domestic rules relating to public offers of shares are found in the Financial Services and Markets Act 2000, the Listing Rules, the Prospectus Rules, and the Disclosure and Transparency Rules. Companies that offer securities to the public or seek to admit securities to a UK regulated market must first publish a prospectus. Meanwhile, listed companies must comply with a range of continuing obligations for as long as their securities remain listed.

Part III UK Derivatives, Money, and Debt Markets, 9 London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM)

2021 ◽  
Author(s):  
Schneider Sean M
Keyword(s):  
Financial Services ◽  
Stock Exchange ◽  
Commodity Prices ◽  
Regulatory Framework ◽  
The South ◽  
London Stock Exchange ◽  
Debt Markets ◽  
South Sea ◽  
Statutory Basis ◽  
Alternative Investment

This chapter focuses on the London Stock Exchange (LSE), which took its origins from the early days of trading in London's coffee houses. It talks about John Castaing, who began issuing a list of stock and commodity prices called “The Course of the Exchange and other things” in 1698 at Jonathan's Coffee House. It also mentions that trading occurred on an informal and unregulated basis until the aftermath of the South Sea Bubble, in which afterwards a new “Stock Exchange” was established in 1773. This chapter talks about the Financial Services and Markets Act 2000 (FSMA) that includes the bulk of the UK's current regulatory framework, the statutory basis for the regulation of the LSE. It points out the exemption of investment exchanges, such as the LSE, from the “General Prohibition” on the undertaking of financial services activities when they are subject to a recognition order by the Financial Conduct Authority (FCA).

Part II Financial Services Regulation, 11 Listing and Public Offers

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
European Union ◽  
Financial Services ◽  
Information Disclosure ◽  
Stock Exchange ◽  
The European Union ◽  
London Stock Exchange ◽  
Financial Services Regulation ◽  
The Uk ◽  
Public Offer ◽  
The Eu

This chapter examines the regulatory framework for listing and public offers in the UK, with a particular focus on the Prospectus Directive regime that was first adopted by the European Union in November 2003 and implemented in the UK from 1 July 2005. The Prospectus Directive regime regulates information disclosure in connection with a public offer or admission to listing on a regulated market in the EU. The chapter first provides an overview of the evolution of the Prospectus Directive regime before discussing its implementation in the UK. It then considers when a prospectus is required and what it must contain and describes the listing regime in the UK, which combines admission to the ‘Official List’ with admission to trading on one of the markets of the London Stock Exchange. The chapter also explains the UK listing requirements and the ongoing obligations faced by issuers admitted to listing and trading.

scholarly journals A critical overview of the transparency and competitiveness of the London stock exchange

2018 ◽  
Vol 8 (2) ◽  
pp. 74-83 ◽  
Author(s):  
Muhammad Surajo Sanusi
Keyword(s):  
Transaction Costs ◽  
21St Century ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
London Stock Exchange ◽  
Market Participants ◽  
The World ◽  
Operational Activities ◽  
Technology Transformation ◽  
Critical Overview

This paper explores the operational activities of the London Stock Exchange in the 21st century to provide an overview of its operational transparency and competitiveness; the competition among its market participants and how it competes with other developed stock exchanges around the world. Evidence was found that suggests the manifestation of both competitive and uncompetitive practices in the London Stock Exchange. The presence of the key elements that enhance the competitiveness of the market, such as continued technology transformation, strategies that promote globalisation and regulatory flexibilities was observed. Simultaneously, signs of non-competitiveness such as high membership and annual fees, transaction costs and stamp duties were also observed.

8. Share transfer and company control

2017 ◽  
Author(s):  
Derek French
Keyword(s):  
Public Interest ◽  
Stock Exchange ◽  
London Stock Exchange ◽  
The Public ◽  
Significant Control ◽  
Full Discussion ◽  
The City ◽  
A Company

This chapter discusses some of the procedures to be followed when transferring some or all of a company member’s shares to another person, for sales on and off the London Stock Exchange, transfers of all or a part of a member’s holding and transfers of certificated and uncertificated shares. After describing share certificates and uncertificated shares, the chapter considers the problem of who should bear the loss when a transfer of shares is forged or fraudulent. It also explores transmission of shares on death or bankruptcy. Transferring shares may result in a change of control of a company. The chapter considers takeovers, the City Code and compulsory acquisition of remaining shares. There is full discussion of the provisions for disclosure of significant holdings both to warn of potential takeover moves and to disclose in the public interest who has significant control of a company.

13 Listings of Private Investment Funds as a Means of Mitigating the Governance Challenge

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Stock Exchange ◽  
Private Investment ◽  
Investment Fund ◽  
London Stock Exchange ◽  
Investment Funds ◽  
Fund Managers ◽  
Potential Market ◽  
Securities Exchanges ◽  
Regulatory Functions ◽  
Alternative Investment

This chapter explains how the admission to listing of private investment funds on a recognized exchange can provide a means to address the governance challenge. It first considers the regulatory functions of securities exchanges before turning to the Irish Stock Exchange (ISE), taking into account three areas relevant to the governance challenge faced by private investment funds: general obligations of disclosure, notification of interests and key developments, and communications with unitholders. It then examines how an ISE listing can provide a potential market-oriented solution to the governance challenge. It also discusses listing-related developments at the London Stock Exchange, Alternative Investment Fund Managers Directive depositories, and limitations on the effectiveness of exchange listings.

Initial public offerings: evidence from the UK

2004 ◽  
Vol 30 (1) ◽  
pp. 46-62 ◽  
Author(s):  
Ashley Burrowes ◽  
Kevin Jones
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Due Diligence ◽  
London Stock Exchange ◽  
Public Offerings ◽  
The Us ◽  
The Uk ◽  
High Level ◽  
Alternative Investment

This investigation into the performance of Initial Public Offerings on the new Alternative Investment Market reveals that the expected high level of underpricing, that is usually associated with the risky nature of small, young and growing companies, is not supported by the evidence in this study. Raw and market adjusted figures reveal that IPOs listed on AIM at the London Stock Exchange appear to be only conservatively mispriced when contrasted to main board IPO listings in the US, UK and other countries. Due diligence listing requirements could be offsetting the otherwise risky nature of these small, young and growing companies. Finally AIM is discussed in terms of meeting its own targets and its ability to attract international listings.

scholarly journals PRINSIP KETERBUKAAN INFORMASI (DISCLOSURE) DALAM KEGIATAN PASAR MODAL MENURUT UU RI NO.8 TAHUN 1995 TENTANG PASAR MODAL: SUATU TINJAUAN YURIDIS

to-ra ◽  
2016 ◽  
Vol 2 (1) ◽  
pp. 267
Author(s):  
Anthon Nainggolan
Keyword(s):  
Financial Institutions ◽  
Capital Market ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
The Public

Abstract Capital Market is a place to buy and sell or the stock exchanges, in general, the activity of capital market is held by the stock exchange institution, clearing institution, and other financial institutions whose activities are related to one another. One of the purpose of capital Market law is to guarantee that the activity of capital Market is done smoothly, proper and efficient and also to protect the importance or the interest of financiers and the public community. Transparancy is really needed in the activity of capital market, the meaning of transparency is (1) the nature of translucent light (2) real (3) clear or generally giving a smilar mean of transparent or visibility.   Kata Kunci: Prinsip Keterbukaan Informasi

5. Raising capital: equity and its consequences

2016 ◽  
Author(s):  
Alan Dignam ◽  
John Lowry
Keyword(s):  
Stock Exchange ◽  
Listed Companies ◽  
Private Companies ◽  
Public And Private ◽  
Public Companies ◽  
The Public ◽  
Insider Dealing ◽  
The Uk ◽  
Takeover Bids

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter focuses on raising equity from the general public and its consequences for the operation of the company. It begins by outlining the basics of raising equity before turning to the consequences of operating in a public market, with emphasis on areas such as takeovers and insider dealing. It then considers the distinction between public and private companies in terms of capital raising, how such companies are regulated, and how public companies differ from listed companies. It also discusses various methods of raising money from the public, the role of the Financial Conduct Authority and the London Stock Exchange in ensuring the proper functioning of the listed market in the UK, and the regulation of listed companies as well as takeovers and other public offers. The chapter concludes by examining the Takeovers Directive (Directive 2004/25/EC of the European Parliament and of the Council of April 21, 2004 on Takeover Bids).

E-Business Disclosure for Sustainability on Selected Listed Companies in Indonesia's Stock Exchange Market

2014 ◽  
Vol 5 (3) ◽  
pp. 32-39
Author(s):  
Vincent Didiek Wiet Aryanto
Keyword(s):  
Environmental Management ◽  
Environmental Performance ◽  
Stock Exchange ◽  
Listed Companies ◽  
Environmental Responsibility ◽  
Exchange Market ◽  
Business Sustainability ◽  
The Public ◽  
Sustainability Reports ◽  
Sustainability Practices

To date, most listed corporations in Indonesia's Stock Exchange Market (BEI) disclose information on e-business sustainability concerning their environmental performance in response to stakeholder demand for environmental responsibility and accountability. How was e-business sustainability performed by some corporations on their websites? This article investigates the environmental management and business sustainability practices of the publicly listed companies in Indonesia as informed to the public by their websites. Based on a content analysis of the e-business sustainability reports, this article analyzes the content of corporate environmental and e-business sustainability disclosures with respect to the following areas: company compliance and company non-compliance to the sets of environment regulations and policies implied in the PROPER program.

Portals for the Public Sector

2011 ◽  
pp. 1328-1333 ◽  
Author(s):  
J. V. Lucke
Keyword(s):  
Stock Exchange ◽  
High Growth ◽  
Share Price ◽  
Stock Exchanges ◽  
Web Pages ◽  
Great Success ◽  
Web Based ◽  
The Public ◽  
Investment Rates ◽  
Ancient Times

The term “portal” is traditionally associated with doors and gates. Room and front doors are used as simple entrances into a building or a room. Larger gates are constructed for the passage of vehicles. In ancient times the word “portal” was used mostly for monumentally designed entrances of buildings, castles, palaces, or cities, and triumphal arches. With the success of the World Wide Web (WWW) in the middle of the 1990s the term “portal” has a new meaning in a completely different context. Commercial providers of online services, search engines, and directories of Web-based links renamed their services as portals or starting points for the Internet. The providers of these portals were able to list their shares on stock exchanges with great success. Yahoo!, a commercial provider of directory services for the WWW, increased its share price steadily over 4 years since the initial stock exchange listing in 1996, which resulted in a true portal euphoria among investors until 2000. Merrill Lynch published a study in November 1998 about the internal use of portals and corresponding technologies in the enterprise, predicting unusually high growth rates and return on investment rates for such projects (Shilakes & Tylman, 1998). Many stock companies were able to increase their share price significantly just with the announcement of a portal strategy. Companies also began to rename their existing Web pages, online shops, and electronic markets as “portals,” entirely in the sense of superb entrances, although most of these services had no real portal functionality. Everyone just wanted to participate in the portal success. But only a few participants had an exact idea of the meaning behind the term “portal.”

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