Procedure for allotment

Question 1

what is the procedure outline?

Answer 1

1. check cap
2. Authority?
3. Pre- emption rights
4. New share?
   5.board resolve

Question 2

what resolution to remove cap?

Answer 2

Before 1st October 2009- OR
After- SR

Question 3

What resolution is required to gain authority to issue?

Answer 3

private same issue- non
for companies incorporated under CA 1985 OR is required for this provision to be relied on

other- OR but check articles

Question 4

what are equities security

Answer 4

ordinary shares or rights to subscribe to ordinary shares

unlimited dividend and payout

Question 5

ways companies can disapply pre-emption

Answer 5

569- Private companies with one class of shares issuing same

570- general authority to issue particular shares- SR

571- Particular share allotment only. Directors must provide SHs in wiring:
- reason for specific disapplication, and
- justification for amount paid for allotment

s567- private companies can permanently disapply or exclude the provision

Question 6

what will directors do to pass the resolution

Answer 6

directors will resolve by board resolution to allow new shares

Question 7

When will a GM not be needed

Answer 7

• cap does not need to be removed, and
• authority is not requires, and
• issuing to existing SH, already disapplied s561 or is a private company which took advantage of s567, and
• has relevant class rights in its articles (AOA do not need to be amended)

Question 8

what needs to be sent to CH within 15 days?

Answer 8

• all SRs
• OR giving authority
• OR removing cap- 1985
• amendment to AOA

Question 9

what needs to be sent to CH within 15 days?

Answer 9

• all SRs
• OR giving authority
• OR removing cap- 1985
• amendment to AOA

Question 10

What forms need to be sent to CH?

Answer 10

return of allotment form SH01 and shared capital- within one month

if persons of significant control have changed then relevant form