LR 13.2 Approval of circulars

A listed company must not circulate or publish a circular unless it has been approved by the FSA.

A circular does not need to be approved under LR 13.2.1 R if:

1. (1)

   it is of a type referred to in LR 13.8 or only relates to a proposed change of name or, in any other case, the FSA has agreed that it does not need to be approved;

2. (2)

   it complies with LR 13.3 and also, if it is a circular referred to in LR 13.8, any relevant requirements in that section; and

3. (3)

   neither it, nor the transaction or matter to which it relates, has unusual features.

1. (1)

   A circular relating to a resolution to give a listed company authority to purchase its own equity securitiesmust be approved by the FSA under LR 13.2.1 R if:

   1. (a)

      the purchase by the company of its own securities is to be made from a related party (whether directly or through intermediaries); or

   2. (b)

      the exercise in full of the authority sought would result in the purchase of 25% or more of the company's issued equity shares (excluding treasury shares).

2. (2)

   A circular referred to in paragraph (1)(a) does not need to be approved if:

   1. (a)

      a tender is made to all holders of the class of securities on the same terms; or

   2. (b)

      for a market purchase under a general authority granted by shareholders, it is made without prior understanding, arrangement or agreement between the company and any related party.

The following documents (to the extent applicable) must be lodged with the FSA in final form before it will approve a circular:

1. (1)

   a Sponsors Declaration for the Production of a Circular completed by the sponsor;

2. (2)

   for a class 1 circular or related party circular, a letter setting out any items of information required by this chapter that are not applicable in that particular case;

3. (3)

   the sponsor's Confirmation of Independence; and

4. (4)

   any other document that the FSA has sought in advance from the listed company or its sponsor.

Two copies of the following documents in draft form must be submitted at least 10 clear business days before the date on which it is intended to publish the circular:

1. (1)

   the circular; and

2. (2)

   the letters and documents referred to in LR 13.2.4R (1) and (2).

The sponsor's Confirmation of Independence in final form must be submitted at least 10 clear business days before the date on which it is intended to publish the circular.

If a circular submitted for approval is amended, two copies of amended drafts must be resubmitted, marked to show changes made to conform with FSA comments and to indicate other changes.