Aggregation meaning

This checklist sets out what a company listed in the equity shares (commercial companies) category must announce to a regulatory information service (RIS) in relation to a significant transaction under UKLR 7.3 of the UK Listing Rules. Under the UKLR, a significant transaction is one where any percentage ratio reaches 25% or more. Initial disclosure requirements—UKLR 7.3.1R The following must be notified to a RIS as soon as the terms of a significant transaction are agreed: UKLR 7.3.1R (2)(a): A statement setting out why the transaction is notifiable under UKLR 7. UKLR 7.2.13G (4): If the notice concerns aggregated transactions, an explanation of the basis for aggregation, with reference to whether UKLR 7.2.11R (1)(a), (1)(b) or (1)(c) applies. UKLR 7.3.1R (2)(b): A summary of the transaction and the company’s rationale for undertaking it, including the items below. UKLR 7 Annex 2, 1.1 R (1): Full particulars of the transaction, including the name of the counterparty. UKLR 7 Annex 2, 1.1 R...

The survey gathered input from 14 of the 28 insurers listed by the Solicitors Regulation Authority (SRA) for the 2024 indemnity year. Conducted anonymously via Qualtrics and in partnership with the International Underwriting Association, it found that 38% of respondents foresaw potential difficulties at renewal, although the exact tally was not provided. Browne Jacobson reported that solicitors began considering leaving the PII market after the Court of Appeal’s January 2024 decision in Discovery Land Co LLC and others v Axis Specialty Europe SE. The firm noted that the ruling heightened worries about tightly drawn aggregation of claims under the SRA’s minimum terms and conditions, which influence the limit of indemnity. Ed Anderson, a partner at Browne Jacobson who deals with PII, ...

Broadstone said that most cyber-insurance offered protection only against losses arising from 'malicious' causes, whereas the outage caused by CrowdStrike was the result of an accident. A mishandled update to the corporate cyber security system meant about 8.5 million Microsoft Windows devices could not start up normally. The 19 July 2024 outage disrupted air travel, financial institutions and thousands of businesses. Medical teams were obliged to turn patients away from doctors’ surgeries...

Gatwick Investment Ltd and others v Liberty Mutual Europe SE and other cases [2024] EWHC 124 (Comm) What are the practical implications of the case? This ruling is significant for those managing coronavirus BI claims. It builds on FCA v Arch [2021] UKSC 1, [2021] AC 649, Corbin & King v. Axa [2022] EWHC 409 (Comm), Stonegate v MS Amlin [2022] EWHC 2548 (Comm), and London EXCEL v RSA [2023] EWHC 1481, where the courts have sought to chart which policy wordings do or do not respond to coronavirus losses, and to define how such cover operates in practice. The judgment resolves many of the recurring Prevention of Access (Non-Damage) questions, and supplies useful guidance on the operation of limits and the deduction of furlough payments, applicable to other coronavirus BI matters and more broadly. That direction is intended to be of assistance across comparable disputes and in a wider context. Its discussion of limits exemplifies the difficulties that can arise when deciding the basis on which limits...

The Energy Savings Opportunity Scheme (ESOS) ESOS is a statutory programme for energy assessments and savings, mandatory for organisations that meet the eligibility criteria. It originates from the EU Energy Efficiency Directive 2012/27/EU, art 8(4)–(6), which requires Member States to ensure that enterprises other than small and medium-sized enterprises (SMEs) undergo an energy audit at least once every four years. For further information, see Practice Note: Energy Efficiency Directive 2012/27/EU—snapshot [Archived]. The UK implemented art 8(4)–(6) via the Energy Savings Opportunity Scheme Regulations 2014 (SI 2014/1643). Post-Brexit, the Energy Act 2023 provided powers to update ESOS, and the Energy Savings Opportunity Scheme (Amendment) Regulations 2023 (SI 2023/1182) introduced revisions ahead of the Phase 3 compliance deadline. Qualifying organisations must carry out an assessment and audit of their total energy consumption. In most circumstances the audit must be performed or reviewed by a ‘lead assessor’, who is a member of a professional body approved by the Environment Agency (EA), the scheme administrator. For more details, see Practice Note: Energy Savings...

Produced with input from Rebecca Cousin of Slaughter and May on market practice. This Practice Note succinctly outlines the relevant rules and guidance concerning parties who are, or are deemed likely to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular, the note reviews the various relationships that may amount to acting in concert, the importance of concert parties for Rule 9 of the Code, and the disclosures required in connection with stakebuilding. Stakebuilding is not prohibited by the Code, but can carry significant implications. The effects of membership of a concert party will typically be engaged under Rules 4 (Restrictions on dealings), 5 (Timing restrictions on acquisitions), 6 (Acquisitions resulting in an obligation to offer a minimum level of consideration), 8 (Disclosure of dealings and positions), 9 (The Mandatory offer and its terms) and 11 (Nature of consideration to be offered) when any of the relevant parties acquires shares...

What is professional indemnity insurance? Professional indemnity insurance is a type of liability cover. It offers an individual professional or a firm an indemnity and protection against claims or losses resulting from negligent acts, mistakes or omissions linked to the insured professional practice. This cover usually also includes the acts, errors and omissions of former employees. In certain sectors—such as solicitors, accountants, architects, chartered surveyors, financial advisers and some healthcare professionals—holding professional indemnity insurance is a legal requirement. Nonetheless, any person or business that supplies advice, designs or services in a professional capacity should carry this insurance. The cover is generally intended to respond to client claims for damages arising in the ordinary course of the insured's professional services. These are claims brought by a client in connection with the routine delivery of the insured party’s professional services. For detailed guidance on professional indemnity insurance requirements across different professions, see Practice Notes: Professional indemnity insurance—solicitors Professional indemnity insurance—architects Professional indemnity insurance—accountants and auditors (ICAEW)...

Background information Why are we collecting diversity data? We gather information on the make-up of our workforce because it is good practice to monitor employee diversity in age, gender, sexual orientation, ethnicity and disability throughout the whole organisation overall. Your views also matter to us on whether we could do more to create an inclusive culture that supports and benefits everyone. These insights ensure our activities and plans reflect the needs and interests of colleagues in the organisation. Do you have to complete this questionnaire? Completing this questionnaire is wholly voluntary. We encourage you to share what you feel personally comfortable providing, but you do not have to respond to every question. You may choose ‘prefer not to say’ for any question you do not comfortable answering. There are no negative consequences if you simply choose not to complete this questionnaire, if you complete only part of it, or if you select ‘prefer not to say’ to any question. What...

1 What is benchmarking? Benchmarking means setting our structures, processes and outcomes against those of other organisations to gauge our performance and raise efficiency. Its purpose is to spot areas of inefficiency and unnecessary cost within our operations, identify the structures, processes and practices that have driven others’ success, and create a plan to tailor those lessons to our circumstances. For our organisation, it is a significant tool. When properly designed and executed, it is generally regarded as pro‑competitive, as it aims to boost efficiency and reduce overall costs. 2 What is the risk? As it often involves sharing information with competitors, benchmarking can enable anti‑competitive exchanges or present opportunities for collusion; accordingly, benchmarking activities carry inherent competition law compliance risks. Therefore, any such activities must be carefully planned and conducted, with advice and guidance from [ insert, eg the legal team ]. Early consultation and preparation with [ insert, eg the legal team ] is especially important when the exercise entails direct contact with, or an...

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which secured Royal Assent on 20 March 2025, removes the remittance basis of taxation and introduces a residence-based regime from 6 April 2025. FA 2025 also replaces domicile as the principal criterion for liability to inheritance tax. Additional measures include revisions to the rules that determine excluded property status, the abolition of protected settlements status for offshore trusts, and updates to overseas workday relief. For further detail, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. I, [ insert full name ], of [ insert full address ], to determine the devolution of my estate upon my death, declare as follows: Revocation I cancel all earlier testamentary writings and direct that they be destroyed. ...