The new rules for controlling shareholders
The new provisions regarding controlling shareholders are set out primarily in Listing Rule 6. This Listing Rule sets out requirements where the company has a ‘controlling shareholder’. A controlling shareholder is a person who on its own or who together with any person with whom it acts in concert, exercises or controls 30 per cent or more of the votes able to be cast on all or substantially all matters at general meetings of the company. There is no definition of parties acting in concert.
There is a requirement for a written binding agreement between the company and its controlling shareholder. The agreement must remain in place as long as the company continues to have a controlling shareholder. There are mandatory content requirements for this agreement, designed to ensure the company’s independence from the controlling shareholder…
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