Drafting of notice of meeting for issuance of shares to directors etc


Notice of meeting for issuance of shares by a company listed on the Main Market or ACE Market or its subsidiaries to a director, major shareholder, chief executive of the listed company or its holding company or persons connected with them must contain the details required under the Listing Requirements.

The notice of meeting must include:
1. the number of securities to be so allotted;
2. the purpose of allotment;
3. the precise terms and conditions of the allotment; and
4. the identity and relationship of the persons connected with the director, major shareholder or chief executive, where applicable.

The specific allotment to the persons described above must be approved by shareholders in general meeting unless the issuance of shares is:
(i) on a pro rata basis to shareholders;
(ii) pursuant to a back-to-back placement; or
(iii) pursuant to a dividend reinvestment scheme.

(Paragraph 6.06, Main Market Listing Requirements and Rule 6.07, ACE Market Listing Requirements)


This post was first posted on Linkedin on 12 April 2021.

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