The Prospectus Guidelines require material properties owned and rented by a company seeking for listing and its subsidiaries to be set out in prospectus. Further, the prospectus must set out the relevant laws, rules or requirements governing the group’s business and environmental issue which may materially affect the group’s business or operations. If there has been any non-compliance, the guidelines prescribe the details to be set out in the prospectus.

A company seeking for listing should ensure:

• Where the property is “designated premises” as set out in the Fire Services (Designated Premises) Order 1998, there is a valid fire certificate.
• The property has a valid certificate of completion and compliance or certificate of fitness for occupation.
• The use of the property complies with the category of use in accordance with its land title.
• The local authority has approved the building plan of the entire premises including any extension.
• If the property is rented, the tenancy is valid and the use of the property is in accordance with the terms of tenancy.

As it takes time to rectify property related issues, a company seeking for listing should discuss rectification steps with its advisers as soon as possible.

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This post was first posted on Linkedin on 29 March 2021.