Speakers from Touchstone Exploration, Shanta Gold, Savannah Resources and Kavango Resources feature in our Natural Resources webinar on May 25th. Please register here.

Less Ads, More Data, More Tools Register for FREE

UK extends easing of cash call rules to help coronavirus-hit companies

Fri, 4th Sep 2020 07:45

LONDON, Sept 4 (Reuters) - Eased cash call rules have been
extended to help UK-listed companies buy a bigger share of
rights issues and aid coronavirus-hit companies raise vital
funds.

The Pre-Emption Group of finance organisations, which issues
guidance on rights issues and fundraisings, said on Friday it
would extend easing of its guidelines by a further two months to
November 30th this year.

Under normal "pre-emption" rights best practice, existing
investors have first refusal of up to 10% of a rights issue in
proportion to what they already hold. Under the eased guidelines
pre-emption rights have been doubled to 20%.

The PEG said it had decided on the extension to allow a raft
of expected equity offerings during the third quarter to take
advantage.

"By 30th November all companies will have had a reasonable
opportunity to review their liquidity requirements and as these
measures were always expected to be temporary, it is important
that we return to expectations within statement of principles
after that date," the PEG said.
(Reporting by Iain Withers; Editing by Dhara Ranasinghe)

More News

UPDATE 1-Soccer-Man United fight back for 3-1 win at Aston Villa

(adds detail, quotes)BIRMINGHAM, England, May 9 (Reuters) - Manchester United recovered to beat Aston Villa 3-1 away in the Premier League on Sunday as Bruno Fernandes, Mason Greenwood and Edinson Cavani scored in the second half to put on hold the t...

Today 17:22

Soccer-Man United fight back in 3-1 win at Aston Villa

BIRMINGHAM, England, May 9 (Reuters) - Manchester United fought back to beat Aston Villa 3-1 away in the Premier League on Sunday as Bruno Fernandes, Mason Greenwood and Edinson Cavani scored in the second half to put on hold the title celebrations o...

Today 16:05

UPDATE 1-EU has not yet ordered more AstraZeneca vaccines, says internal market commissioner

(Adds extra cost for Pfizer vaccine, background)PARIS, May 9 (Reuters) - hThe European Union has not yet made any new orders for AstraZeneca vaccines beyond June when their contract ends, European Internal Market Commissioner Thierry Breton said o...

Today 13:27

UPDATE 2-EU has not ordered AstraZeneca vaccines beyond June - Commissioner

(Adds Macron comments)PARIS, May 9 (Reuters) - The European Union has not made any new orders for AstraZeneca vaccines beyond June when their contract ends, European Internal Market Commissioner Thierry Breton said on Sunday, after the EU signed a...

Today 13:27

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.