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LR 6.14 Shares in public hands

LR 6.14.1RRP

1Where an applicant is applying for the admission of a class of equity shares to premium listing, a sufficient number of shares of that class must, no later than the time of admission, be distributed to the public2.

[Note: article 48 of the CARD]

LR 6.14.2RRP

1For the purposes of LR 6.14.1R:

  1. (1)

    [deleted]2

  2. (2)

    a sufficient number of shares will be taken to have been distributed to the public when 10% 3of the shares for which application for admission has been made are in public hands; and

  3. (3)

    treasury shares are not to be taken into consideration when calculating the number of shares of the class.

[Note: article 48 of the CARD]

LR 6.14.3RRP

1For the purposes of LR 6.14.1R and LR 6.14.2R, shares are not held in public hands if they are:

  1. (1)

    held, directly or indirectly by:

    1. (a)

      a director of the applicant or of any of its subsidiary undertakings; or

    2. (b)

      a person connected with a director of the applicant or of any of its subsidiary undertakings; or

    3. (c)

      the trustees of any employees’ share scheme or pension fund established for the benefit of any directors and employees of the applicant and its subsidiary undertakings; or

    4. (d)

      any person who under any agreement has a right to nominate a person to the board of directors of the applicant; or

    5. (e)

      any person or persons in the same group or persons acting in concert who have an interest in 5% or more of the shares of the relevant class;

  2. (2)

    subject to a lock-up period of more than 180 calendar days.

[Note: article 48 of the CARD]

LR 6.14.4GRP

1When calculating the number of shares for the purposes of LR 6.14.3R(1)(e), holdings of investment managers in the same group where investment decisions are made independently by the individual in control of the relevant fund and those decisions are unfettered by the group to which the investment manager belongs will be disregarded.

LR 6.14.5GRP

[deleted]3