Consolidation of shares meaning

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Bim Afolami, the economic secretary to the Treasury, stated in a speech released on 17 May 2024 that the UK pensions system is overly fragmented and underinvests when set against other nations. He told attendees at a UK Finance event on 15 May 2024 that UK pension funds allocate too little to unlisted domestic equities, particularly relative to international counterparts. Afolami added that comparable defined contribution (DC) retirement schemes in Australia commit ten times the share of their assets to private markets than like-for-like UK plans. He further observed that the share of British pension funds’ holdings in UK-listed shares has declined from...

In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Sustainable finance and ESG Banks and mutuals Regulation of insurance Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Updated Practice Notes Dates for your diary UK, EU and international regulators and bodies CJEU judgment in Republic of Latvia v Kingdom of Sweden DGS Directive case published in the Official Journal The Official Journal now carries the 30 April 2024 ruling by the Court of Justice of the European Union (CJEU) (First Chamber) in Republic of Latvia v Kingdom of Sweden (Case C-822/21). The proceedings addressed claims that a Member State did not meet its duties under Article 14(3) of the Deposit Guarantee Schemes Directive (2014/49/EU). See: LNB...

This review outlines the key amendments to the Immigration Rules contained in HC 1039, most relevant to advisers on business immigration. These amendments take effect on 6 April 2013 and, unless specified otherwise, apply only to applications lodged on or after that date. They are expected to be of particular interest to business immigration advisers. Visitors Intention not to live in the UK for extended periods Paragraph 41(ii) has been added within the General visitor route, introducing a condition that applicants must not plan to reside in the UK for prolonged periods via frequent or successive visits, or by stringing visits together to create an extended period of residence. Paragraph 41(ii) applies across several other visitor categories, namely: child visitor business visitor sports visitor entertainer visitor parent of a child at school visitor for marriage or to enter a civil partnership visitor under the Approved Destination Status agreement visitor undertaking permitted paid engagements It...

ARCHIVED: This Practice Note is archived and no longer updated. The Collective Redundancies and Transfer of Undertakings (Protection of Employment) (Amendment) Regulations 2014 (TUPE Amendment Regs 2014), SI 2014/16, revised the Transfer of Undertakings (Protection of Employment) Regulations 2006, SI 2006/246 (TUPE 2006) and the Trade Union and Labour Relations (Consolidation) Act 1992 (TULR(C)A 1992) for relevant transfers occurring on or after 31 January 2014. This Practice Note sets out the amendments introduced, and the position that applied where the pertinent transfer under TUPE 2006 occurred before 31 January 2014. For comprehensive commentary on the TUPE Amendment Regs 2014, SI 2014/16, see News analysis: TUPE: detailed analysis of the changes and of the problems they may cause (News, 5 February 2014). For guidance on the current position under TUPE 2006, see: TUPE and asset purchases—overview and the following Practice Notes: TUPE—business transfers TUPE—service provision changes TUPE—information and consultation TUPE—transfer of employees TUPE—transfer of rights and liabilities TUPE—variation of contract terms...

Capital maintenance rule Under English company law, a limited company with share capital is required to preserve that capital. The capital maintenance principle exists to safeguard a company’s creditors by making sure that the assets which represent the company’s capital remain available to them for future recourse. A company’s share capital can be affected by certain events that occur from time to time over the course of its life, in accordance with the provisions of the Companies Act 2006 (CA 2006). These include: the issue of shares, on incorporation and thereafter, including bonus issues the redenomination of share capital the sub-division and consolidation of shares reductions of capital share buybacks the issue of redeemable shares and their eventual redemption This Practice Note sets out, in brief, the accounting treatment for each of these possible events in turn. It also considers matters relating to distributable reserves, including the payment of dividends...

ORDINARY RESOLUTION THAT [ subject to and conditional upon [ insert any conditions relating to the exercise of the power to consolidate shares ], ] the [ [ insert number ] OR all of the ] [ insert class ] shares of [ insert nominal value ] each forming part of the Company’s capital [ held by [ insert name ] ] [ , numbered [ insert number ] to [ insert number ] inclusive, ] shall be consolidated into [ insert number ] [ insert class ] shares of [ insert nominal value ] each [ , numbered [ insert number ] to [ insert number ] inclusive ], and the rights and restrictions attaching to such shares (save as to nominal value) shall remain unchanged by that consolidation...

[ To be printed on the Transferee’s headed paper ] [ Insert the Transferor’s address ] [ Insert date ] Dear [ insert name of Transferor ] Notice of cancellation of election to carry out pre-transfer redundancy consultation This letter gives written notice, under section 198A(5) of the Trade Union and Labour Relations (Consolidation) Act 1992, that the election of [ insert name of Transferee ], dated [ insert date ], to conduct pre-transfer consultation is cancelled with immediate effect. [ For the avoidance of doubt, this notice also ends the pre-transfer collective redundancy consultation agreement between [ insert name of Transferor ] and [ insert name of Transferee ] dated [ insert date ]. ] Please confirm receipt by signing, dating, and returning the enclosed counterpart of this letter no later than [ insert date ]. Yours sincerely [ Signature of Transferee’s representative ] For and on behalf of [ insert name of Transferee ] [ On copy...

[Transferee headed notepaper] [Address of appropriate representative/transferring individual/Secretary of State] [Date] Dear [Recipient’s name], Notice of cancellation of election to carry out pre-transfer redundancy consultation Further to our letter dated [date of the letter notifying the election or proposed dismissals], [insert name of Transferee] had chosen to undertake pre-transfer consultation concerning dismissals it intended to implement following the proposed transfer of [insert name of business or services to be transferred] from [insert name of Transferor] to [insert name of Transferee]. This correspondence gives notice, under section 198A(6)(c) of the Trade Union and Labour Relations (Consolidation) Act 1992, that on [insert date], [insert name of Transferee] served [insert name of Transferor] with immediate cancellation of that election. [Insert any explanation the Transferee wishes to provide for the cancellation, for example, that the transfer will no longer proceed.] Please confirm receipt by signing, dating, and returning the enclosed duplicate no later than [insert date]. Yours sincerely [Signature of Transferee’s representative]For and on...