New Clause 67

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Communication of pre-emption offers to shareholders

‘(1) This section has effect as to the manner in which offers required by section (Existing shareholders’ right of pre-emption) are to be made to holders of a company’s shares.

(2) The offer may be made in hard copy or electronic form.

(3) If the holder is the holder of a share warrant, the offer may be made by causing it, or a notice specifying where a copy of it can be obtained or inspected, to be published in the Gazette.

(4) The offer must state a period of not less than 21 days during which it may be accepted and the offer shall not be withdrawn before the end of that period.

(5) The Secretary of State may by regulations made by statutory instrument—

(a) reduce the period specified in subsection (4) (but not to less than 14 days), or

(b) increase that period.

(6) A statutory instrument containing regulations made under subsection (5) is subject to affirmative resolution procedure.’.—[Margaret Hodge.]

Brought up, and added to the Bill.