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…
Click on the link below to read the rest of the Walker Morris briefing.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
The High Court has considered whether a claimant waived privilege in confidential documents simply because they had been seen by someone other than the claimant and his lawyer.
The FCA has published the above consultation paper, which sets out its intended approach to the implementation of a price cap for high-cost, short-term credit.
Analysis from The Lawyer
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.
New EU rules and lawyers’ increased comfort with digital formats are sparking a sea-change in the way law firms manage their documents