Who do Listing Rules apply to?

Who do Listing Rules apply to?

The Listing Rules (LR) are a set of regulations applicable to any company listed on a United Kingdom stock exchange, subject to the oversight of the Financial Conduct Authority (FCA).

What is a Class 2 transaction?

Related Content. A transaction for a premium listed company, the size of which results in a percentage ratio of 5% or more, but less than 25% under any one of the class tests set out in the Listing Rules.

What is a Class 1 transaction in the UK?

Class 1 transaction. Under UKLA rules, a Class 1 transaction is a transaction outside the normal course of business (usually an acquisition or disposal) that accounts for more than 25% of the size of the existing company.

What is a Class 1 Circular?

(in LR) a circular relating to a class 1 transaction or a transaction which must comply with the requirements of a class 1 transaction.

Do class tests apply to standard listing?

The class tests and shell companies A shell company is not eligible for a premium listing but can be listed on the standard listing segment. Any acquisition by a cash shell is likely to be a reverse takeover under the class tests.

What are the class tests?

What does Class Tests mean? The tests set out in LR 10 Annex 1, which are used to determine how a transaction is to be classified for the purposes of the Listing Rules. The relevant tests are the gross assets test, the profits test, the consideration test and the gross capital test.

What are significant transactions?

Significant Transaction means a pending or imminent material acquisition, disposition, financing, corporate reorganization or other business combination or divestiture transaction.

Are all FTSE 100 companies premium listed?

The FTSE indices only list companies which have a ‘premium’ listing. Premium listings are typically reserved for larger companies as in order to maintain this listing, companies incur higher costs and must meet the highest standards of regulation/corporate governance.