If approved by the FCA board, new rules about cancelling listings are expected to come into force on 16 May 2014.
The FCA’s board will be asked to approve new rules for a premium listed company that has a controlling shareholder and wishes to apply for a cancellation.
The new rules mean it would have to both:
• obtain a majority of at least 75 per cent of the votes attaching to the shares of those voting on the resolution; and
• gain approval by a majority of the votes attaching to the shares of independent shareholders.
In takeover offer situations, an equivalent requirement based on acceptances will apply, except that when an offeror has acquired or agreed to acquire more than 80 per cent of voting rights no further approval/acceptances by independent shareholders would be required to cancel the premium listing.
The changes are part of a wider reform of the listing regime, which is being undertaken by the FCA in its role as the UK Listing Authority.
