New FSA disclosure regime for significant short positions in companies undertaking rights issues – 20 June 2008
With effect from Friday 20 June 2008, the FSA will require the disclosure of significant short positions in stocks admitted to trading on prescribed markets which are undertaking rights issues.
A significant short position is defined as 0.25% of the issued shares achieved via short selling or by any instruments giving rise to an equivalent economic interest. The obligation will be to disclose positions exceeding this threshold to the market by means of a Regulatory Information Service by 3.30pm the following business day.
To facilitate clear identification of the new disclosure types, two new headlines will be available through RNS:
1) Announcement re: Rights Issue ("ARI")
- Headline category - Announcement re: Rights Issue
- Headline description/purpose - to be used by issuers when announcing their intention to undertake a Rights Issue. This will generally be announced at the time of the circular being posted to shareholders.
2) Disclosure of Short Position in company undertaking a Rights Issue ("DSP")
- Headline category - Disclosure of Short Position
- Headline description/purpose - this headline will be used by investors who have a short position in excess of 0.25% in a company which is undertaking a Rights Issue.
A new form ‘TR3’ has been created specifically for the disclosure of the above positions and this can be found in the templates section on the RNS Submit site or by contacting RNS on +44 (0)20 7797 4400 or via email to rns@londonstockexchange.com
For more information on the new rules, go to http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/057.shtml
FSA publishes List! edition 16 - July 2007
On 25 July, the UKLA published the 16th edition of List! This includes sections on the approach taken to prospectus disclosures in limited access situations and other more general enquiries; the intended approach to “retail cascade” debt issues; and information on the treatment of REITS under the listing Rules. In the Continuing Obligations section, issues covered include the co-ordination of insider lists and project lists; definition of PDMRs; the timing of Results announcements andd also timing of trading statements. List! is published in the Library section of the FSA website at www.fsa.gov.uk
Change to EBT/PDMR disclosures from 6 April 2007
From 6 April 2007, there will no longer be a requirement to announce a change in the trustee’s holding of shares where directors are beneficiaries. This results from changes to the Companies Act (repeal of sections 323-329 and parts 2-4 of schedule 13 of the Companies Act 1985). From that date, the disclosure of directors’ interests and announcements which need to be made in relation to such interests will be governed only by the UKLA’s Disclosure and Transparency rules which require PDMRs and “connected persons” to disclose dealings on their own account in shares of the company.
Please consult your advisers if in doubt as to the application of this change in requirements to your company.