LR 21.4 Continuing obligations: Equity shares
1A listed company must comply with:
- (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)
LR 10 (Significant transactions: Premium listing);
- (3)
LR 12 (Dealing in own securities and treasury shares: Premium listing); and
- (4)
LR 13 (Contents of circulars: Premium listing) subject to the modifications set out in LR 21.4.3R.
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.
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)
LR 9.2.2ABR and LR 9.2.2ACG;
- (2)
- (3)
- (4)
- (5)
LR 9.2.2GR and LR 9.2.2HG;
- (6)
- (7)
LR 9.8.4R(14); and
- (8)
1For the purposes of LR 21.4.1R(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)
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)
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.
1Where a purchase by a listed company of its own equity securities or preference shares is to be made from a related party which is a sovereign controlling shareholder or an associate of a sovereign controlling shareholder, the listed company should note LR 12.3.2R.
Additional requirements: sovereign controlling shareholder
1A listed company must at all times have a sovereign controlling shareholder.
1To comply with LR 21.4.6R, a State which is a sovereign controlling shareholder must be either:
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.
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.
Sponsors
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.