Jurisdiction(s):
United Kingdom

Key definition

Rights issue definition

What does Rights issue mean? A rights issue is an equity fundraising in which a company offers new shares to its existing shareholders, usually pro rata to their current holdings and within a fixed timetable, often at a discount to the prevailing market price. In practice, it is a pre-emptive offer designed to preserve relative ownership and is widely used in corporate finance and capital markets work. The term is a market concept rather than a single statutory definition, but it is recognised and regulated through company law, prospectus regimes and listing rules. Key features include renounceable rights (entitlements that can be traded or sold as...

Rights issues by UK listed and AIM companies: procedure, shareholder authorities, FCA/LSE applications, underwriting and timetable (pre-2026 prospectus regime)

Published by a LexisNexis Corporate expert

Practice notes

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026.

Key provisions for UK public securities offerings and admissions to trading now sit mainly in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), and in the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules stand repealed and no longer apply. The package aims to streamline capital raising and markedly cut the instances in which a Company must produce an FCA approved prospectus for a subsequent issue of shares in practice. For comprehensive details of the amendments, see Practice Note: UK prospectus regime reform. This Practice Note describes the prospectus framework as it applied before 19 January 2026...

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Chris McGaffin

Slaughter and May

Chris is a partner at Slaughter and May, with a broad corporate practice including public takeovers, private M&A and equity capital markets. Chris spent six months as an investment banker on secondment at Barclays Capital in 2011....

James Ufland

Slaughter and May

James is an Associate at Slaughter and May and advises on a range of corporate and commercial matters. His experience includes advising FTSE 100 companies on equity capital markets matters....

Web page updated on 21/05/2026

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