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LR 21.4 Continuing obligations: Equity shares

LR 21.4.1R

1A listed company must comply with:

  1. (1)

    LR 9 (Continuing obligations) subject to the modifications and additional requirements set out in LR 21.4.2G to LR 21.4.4R;

  2. (2)

    LR 10 (Significant transactions: Premium listing);

  3. (3)

    LR 12 (Dealing in own securities and treasury shares: Premium listing); and

  4. (4)

    LR 13 (Contents of circulars: Premium listing) subject to the modifications set out in LR 21.4.3R.

LR 21.4.2G

1For the purposes of LR 21.4.1R(1), in LR 9.2.2AAG factors that may indicate that a listed company does not satisfy LR 9.2.2AR also include situations where a listed company has granted or may be required to grant security over its business in connection with the funding of a sovereign controlling shareholder.

LR 21.4.3R

1For the purposes of LR 21.4.1R(1) and LR 21.4.1R(4), references to controlling shareholder must be read as excluding a sovereign controlling shareholder in, or for the purposes of, the following:

  1. (1)

    LR 9.2.2ABR and LR 9.2.2ACG;

  2. (2)

    LR 9.2.2ADR(1);

  3. (3)

    LR 9.2.2BR;

  4. (4)

    LR 9.2.2CR;

  5. (5)

    LR 9.2.2GR and LR 9.2.2HG;

  6. (6)

    LR 9.8.4 R(11);

  7. (7)

    LR 9.8.4R(14); and

  8. (8)

    LR 13.8.18R

LR 21.4.4R

1For the purposes of LR 21.4.1R(1):

  1. (1)

    in the second sentence of LR 9.2.21R the reference to the provisions of LR 5.4A.4R(3)(b)(ii) and LR 5.4A.4R(3)(c)(ii) must be read as a reference to the provisions of LR 5.4A.4R(3)(d)(ii);

  2. (2)

    in LR 9.2.26G the reference to LR 9.2 must be read as a reference to LR 9.2 as modified by LR 21.4; and

  3. (3)

    in LR 9.8.4CR the reference to LR 9.8.4R must be read as a reference to LR 9.8.4R as modified by LR 21.4.3R.

LR 21.4.5G

Additional requirements: sovereign controlling shareholder

LR 21.4.6R
LR 21.4.7R

1To comply with LR 21.4.6R, a State which is a sovereign controlling shareholder must be either:

  1. (1)

    recognised by the government of the UK as a State; or

  2. (2)

    the UK.

LR 21.4.8R

1A listed company must notify the FCA without delay if it no longer complies with the continuing obligation set out in LR 21.4.6R.

LR 21.4.9G

1Where a listed company is unable to comply with the continuing obligation set out in LR 21.4.6R, it should consider seeking a cancellation of listing or applying for a transfer of its listing category. In particular, the listed company should note LR 5.2.2G(2) and LR 5.4A.17G.


LR 21.4.10G

1A listed company should consider the requirements in LR 8.2 (When a sponsor must be appointed or its guidance obtained) and LR 8.5 (Responsibilities of listed companies), subject to the modification to LR 8.2.3R in LR 21.5.3R.