PRM 1.6 Admission and notification requirement in respect of a further issue

This section applies to an issuer who is making a further issuance of transferable securities fungible with transferable securities already admitted to trading.  

An issuer must obtain the admission to trading of any further issuance of transferable securities which are fungible with transferable securities already admitted to trading:

(1) in the case of equity securities, except for the securities referred to in sub-paragraphs (3) and (4), with effect no later than 60 days from the transferable securities being allotted;

(2) in the case of non-equity securities, except for the securities referred to in sub-paragraph (4), with effect no later than 60 days from the transferable securities being issued;

(3) in the case of equity shares listed in the equity shares (international commercial companies secondary listing) category, with effect no later than 365 days from the transferable securities              being allotted; or

(4) in the case of depositary receipts issued over shares, with effect no later than 365 days from the transferable securities being issued. 

PRM 1.6.2R applies irrespective of:

(1) whether the further issue is made in accordance with an exemption in the Public Offers and Admissions to Trading Regulations;

(2) whether a prospectus is required for the admission to trading in accordance with PRM; or 

(3) when a prospectus is published.

An issuer must notify a RIS of any admission to trading, and ensure the dissemination of this information in such a manner that it is capable of being disseminated to as wide a public as possible, and as close to simultaneously as possible, in the United Kingdom, within 60 days of the admission to trading. 

The issuer must also ensure that the RIS, at the same time, files the notification in PRM 1.6.4R with the FCA using the FCA-specified application programme interface (API) and standardised schema referred to in DTR 8.4.30R as if the notification were regulated information.

For the purposes of PRM 1.6.4AR, the headline information relevant to the notification is the headline information for ‘Admission to Trading’.

The notification referred to in PRM 1.6.4R must contain the following information:

(1) the name and legal entity identifier (LEI) of the issuer; 

(2) the regulated market on which the transferable securities have been admitted to trading; 

(3) the name, type and International Securities Identification Number (ISIN) of the transferable securities admitted to trading; 

(4) the number of further transferable securities admitted to trading covered by the notification; 

(5) the total number of transferable securities admitted to trading, taking into account the further issuance; 

(6) confirmation that the further transferable securities admitted to trading are fungible with transferable securities already admitted to trading; and 

(7) either: 

     (a) the date on which the further transferable securities were admitted to trading; or

     (b) where there is more than one date when the further transferable securities were admitted to trading: 

          (i) the dates of admission to trading; or

          (ii) the date range covered by the notification; and 

(8) if a prospectus has been published in relation to the further transferable securities admitted to trading: 

     (a) the date of the prospectus; 

     (b) if applicable, the date of any supplementary prospectus; and 

     (c) a hyperlink to where the prospectus and any supplementary prospectus is published.

The information provided in the notification referred to in PRM 1.6.5R must cover all admissions to trading up to and including:

(1) the date of the notification; or 

(2) the last working day before the notification.