Circular meaning

This is an illustrative timetable for a takeover structured as a scheme of arrangement. It sets out the typical stages of a scheme, spanning the necessary court procedures and the obligations arising under the City Code on Takeovers and Mergers (the Code). In broad terms, it captures each step required in a standard scheme process. For schemes, Rule 31 of the Code, which governs the timing of an offer, does not apply; instead, timing matters are addressed principally in Section 3 of Appendix 7 to the Code. Because the court process must be accommodated, the Takeover Panel (Panel) permits greater flexibility on the scheme timetable than on an offer. Even so, the Code imposes certain constraints on the scheduling of a scheme, including: where the offeror’s firm intention announcement contains a statement from the offeree board that it intends to recommend the scheme, the scheme circular, combining an offer document and the offeree circular, must be posted within 28 days of the firm intention...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard segments and introducing a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led, with an emphasis on transparency, and sits alongside other listing categories, such as shell companies, secondary listing and closed-ended investment fund categories. A new UK Listing Rules sourcebook came into force to deliver and implement the reforms, and the previous Listing Rules sourcebook was revoked in full. For further details, see Practice Note: Reform of the UK listing regime—fundamentals. This Checklist reflects the regime as it stood before 29 July 2024. The allotment and issue of shares are governed by statutory rules, which vary according to the type of company proposing the allotment (private or public, listed or unlisted) and whether that company has a single class or multiple classes of shares. This checklist sets out the procedure for a listed company to allot shares and to...

This checklist provides a concise guide to the actions to take and the documents to prepare for a public limited company to re-register as a private limited company under section 97 of the Companies Act 2006 (CA 2006). It covers: Preliminary considerations Documentation Meetings and procedures Companies House filings and certificates Cancellation of listing and trading—additional matters Post-registration matters Preliminary considerations Step, notes/resources, and a tick box to confirm completion or consideration. Listed public companies and unlisted ‘transitional companies’ should consult the Takeover Panel for guidance on suitable disclosures for the company’s shareholders and on recommended wording to include in the circular to shareholders. Draft the relevant section of the circular to shareholders explaining the City Code on Takeovers and Mergers (Code) and the protections it gives shareholders that will be lost on re-registration, and send it to the Panel Executive for prior approval. Re-registration of a public company as a private limited company ...

In this issue: Criminal procedure and evidence Proceeds of crime Appeal and judicial review Sentencing Bribery, corruption, sanctions and export controls Cybercrime and data protection offences Environmental offences Financial services and pensions offences Food safety and hygiene offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Local authority prosecutions Money laundering International LexTalk®Corporate Crime: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Criminal procedure and evidence Court delays soar as backlogs break records Between April and June 2025, the criminal courts in England and Wales amassed an unprecedented caseload of almost 440,000, with incoming matters exceeding disposals and a system hampered by long-standing funding shortfalls. In response, the Ministry of Justice (MOJ), together with The Rt Hon David Lammy MP, confirmed extra resources to accelerate outcomes for...

Following a disorderly 2025—marked by shifting rules and unproven legal theories—2026 looks marginally more predictable, though no less tough. Businesses should anticipate ongoing growth in disputes, from greenwashing class actions to state‑led consumer protection cases. A fragmented regulatory scene—a tug‑of‑war between US federal and state authorities, alongside indecision within the European Union—will keep compliance complex for multinational companies. Greenwashing risk shifting from regulation to litigation Where we are For at least a decade, companies have encountered rising exposure from government enforcement and private actions over ‘greenwashing’—overstated or misleading claims about environmental benefits tied to products or corporate behaviour. Attempts on both sides of the Atlantic to toughen the rules—an update to the Federal Trade Commission’s Green Guides and the draft EU Green Claims Directive—have stalled. Meanwhile, consumer‑centred litigation is accelerating. Recently, firms across technology, food, fashion, airlines and other sectors have been hit with class actions alleging greenwashing, challenging claims ranging from carbon neutrality to green product labels. State attorneys general have also been active, notably in...

In this issue: Commercial Competition Corporate Data protection and cybersecurity Free movement, immigration and employment Financial services Energy Environment Life sciences Regulatory TMT International trade Daily and weekly news alerts New and updated content Trackers Commercial Commission consults on evaluation of market surveillance regulation The European Commission has launched a consultation to assess and, if needed, update the Market Surveillance Regulation (EU) 2019/1020. It aims to strengthen the operation of the single market by boosting compliance with EU product harmonisation rules, with any amendments scheduled for Commission adoption in Q3 2026. The consultation closes on 4 February 2026. See: LNB News 12/11/2025 22. Commission consults on New Legislative Framework revision The Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW H4) has opened a consultation to underpin the revamp of the New Legislative Framework (NLF) governing product law, seeking to capture stakeholder views on...

National policy 25-Year Environment Plan —the 25-Year Environment Plan outlines the government’s commitments to enhance the environment within a generation. The Environmental Improvement Plan 2023 (EIP 2023) for England was the first statutory update to the 25-Year Environment Plan under the Environment Act 2021 (EA 2021). On 1 December 2025, it was replaced by the Environmental Improvement Plan 2025 (EIP 2025), now the current environmental improvement plan for EA 2021 purposes. EIP 2025 renews the long-term framework for achieving environmental outcomes, revises the interim targets in EIP 2023 and adds two new interim targets. EIP 2025 is pertinent to waste planning as part of the broader policy to improve resource efficiency and drive the move to a more circular economy, complementing the Resources and Waste Strategy and the Waste Management Plan for England (see below). Resources and Waste Strategy The Resources and Waste Strategy sets out how the government intends to conserve material resources by cutting waste, promoting resource efficiency and moving towards a circular economy in...

Purpose The verification exercise primarily serves to shield directors accountable for the contents of the offer documentation, by setting out the steps taken to verify the truth and accuracy of the information contained in the relevant document. In most cases, the process concludes with a written record—termed the verification notes—substantiating the statements included within the offer documentation. Who does what? In a recommended offer where the offeree board circular forms part of the offer document, the offeror's lawyers usually co-ordinate the verification, with the offeree's lawyers providing input on those sections for which the offeree directors take responsibility. Where a separate offeree board circular is produced, the offeree's lawyers will co-ordinate verification of that document. The lawyers work closely with their clients throughout, and directors often delegate duties to a committee. This delegation does not, however, remove the directors' ultimate responsibility for the contents of the offer documentation...

Background and key developments Regulation (EC) No 1272/2008, known as the EU Classification, Labelling and Packaging (CLP) Regulation, gives effect to the United Nations’ Globally Harmonised System for classifying and labelling chemicals (UN GHS) within the EU. Its principal purposes are to: determine which characteristics of substances and mixtures warrant a hazardous classification, and ensure this identification is communicated appropriately to customers The EU CLP Regulation has applied since 20 January 2009 (with staged transition periods up to 2015) and is directly applicable to suppliers that manufacture, import, use or distribute chemical substances and mixtures. This Practice Note addresses the packaging requirements under the EU CLP Regulation. For details on other elements of the EU CLP framework, see Practice Notes: EU classification, labelling and packaging of substances and mixtures (CLP): Regulation (EC) 1272/2008—snapshot EU CLP—chemicals classification EU CLP—chemicals labelling EU CLP—notifications to the classifications and labelling inventory EU Chemicals Strategy for Sustainability reforms...

Board minutes—private M&A—share purchase—exchange—buyer Company no: [insert company number]. [insert company name] [Limited OR plc]. Board meeting at [insert place] on [insert date] at [insert time]. [insert name] chaired, confirmed due notice and quorum. Business: to consider and, if appropriate, approve documents and matters for the Company’s proposed purchase of the entire issued share capital of [insert target name] Limited from [insert seller name] [Limited OR PLC], subject to conditions, including any required shareholders’ approval. Directors declared interests per CA 2006 and the Articles; quorum and voting confirmed. Key documents tabled included the draft sale and purchase agreement, any loan note instrument, disclosure letter, stock transfer form(s), voting power of attorney, circular and proxy (if relevant), verification notes and responsibility documents, consents, irrevocable undertakings, announcement and ancillary papers. The board noted conditions precedent and long‑stop; consideration (cash, loan notes and/or consideration shares); warranties/indemnities with time limits, caps and thresholds, subject to disclosures; post‑completion non‑compete/non‑solicit; and key loan note terms (interest, redemption, guarantee/security, convertibility). RESOLVED...

Company number: [ insert company number ] [ insert company name ] PLC (the Company) Circular to shareholders and notice of general meeting Part 1—Letter from the Chair Dear Shareholder The Company seeks the approval of its shareholders (the Shareholders) to convert from a public company to a private limited company (the Re-Registration). [ The directors of the Company consider that remaining a public company is inappropriate, as the administrative effort required to meet additional regulation under the CA 2006 and the provisions of the Code is out of proportion to the limited benefits the Company derives from public status. ] This document is issued to summon a general meeting at which a resolution to re-register will be put forward (the General Meeting), and to set out background to the proposed Re-Registration. The Re-Registration Public companies are subject to broader administrative obligations than private companies, and they are unable to adopt several simplified procedures under the Companies Act 2006 (the CA 2006) that...

Filed on behalf of the Claimant Statement of witness for [ enter initial and surname of witness ] from the [ enter name of printing company ] Order of witness statements: [ enter number of witness statement for this witness, e.g. 'First' ] Exhibit references: [ enter initials and number, e.g. ‘MXW1' ] to [ enter initials and number, e.g. ‘MXW5' ] Date: [ enter date of statement ] Claim No...

Under the Housing Act 1985 (HA 1985), tenants and leaseholders may make improvements to their homes, provided they secure the landlord’s consent in advance of commencing any repairs, and that they observe and comply with certain specified applicable relevant conditions. The Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) entitles secure tenants of local authorities to seek compensation, at the close of their tenancy, for improvements they have lawfully undertaken and completed. Housing Corporation Circular HC33/94 widened the LRHUDA 1993 scheme to include tenants of registered social landlords, for example, housing association tenants, bringing them within scope...