Not another one28 Oct 2025 07:06
Another company doing the 'don't look here' placing trick of issuing shares to a Director [who immediately sells them to the placees] as a way of getting around issuing a Prospectus; the FCA is likely to clamp down on this abuse:
https://www.londonstockexchange.com/news-article/PALM/placing-and-director-s-dealing/17298105
'Hybridan LLP ("Hybridan") is acting as placing agent in connection with the Placing.
The Company is currently unable to issue and admit the Placing Shares without either the publication of a prospectus approved by the UK Financial Conduct Authority ("FCA") or relying upon an exemption to the requirement to issue a prospectus under the UK Prospectus Regulation.
Consequentially, the Placing involves the subscription by Darren Hazelwood, CEO and director of the Company for the Placing Shares at the Issue Price pursuant to the employee offer exemption under Article1(4)(i) and 1(5) (h) of the UK Prospectus Regulation. Following allotment of the New Ordinary Shares, Darren Hazelwood will sell the Placing Shares to certain investors allocated by Hybridan pursuant to the Placing Agreement (as defined below).
Hybridan has today entered into a placing agreement (the "Placing Agreement") with the Company and Darren Hazelwood under which, amongst other things, Hybridan has agreed, as agent for and on behalf of the Company to use its reasonable endeavours to procure subscribers for Placing Shares, on the terms and subject to the conditions set out therein. Darren Hazelwood has further undertaken pursuant to the terms of the Placing Agreement to procure the transfer of the Placing Shares to the placees in accordance with the terms of the Placing Agreement.'
Sign In
Follow the stocks
