Void buybacks — what you need to know
By Tim Moss
The ability of a private limited company to purchase its own shares is an extremely useful tool. It can provide an exit route for shareholders looking to realise their investment or a way of returning surplus cash, often in advance of a sale process.
The process was made even simpler last year with the relaxation of certain statutory requirements and a new ability to carry out small buybacks using the ‘cash de minimis’ exemption.
What is often not fully appreciated are the implications for individual directors, the company itself and its shareholders if the prescriptive steps set out in part 18 of the Companies Act 2006 are not correctly followed…
Click on the link below to read the rest of the Shoosmiths briefing.
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