Recent amendments to the Companies Act simplify share buybacks for private companies, removing procedural hurdles and costs.
Recent amendments to the Companies Act simplify share buybacks for private companies, removing procedural hurdles while introducing a new special resolution rule.
Before these amendments came into effect, if the company wanted to buy back more than 5% of the issued shares of any class of its shares, it had to comply with all of the procedural requirements that apply to a scheme of arrangement , and the consequent rights of shareholders in respect of a proposed scheme of arrangement also arose. Those were quite onerous, could cause a delay in implementing the transaction, and would result in increased costs of the transaction.
A shareholder who voted against the proposed buyback could exercise their appraisal rights , which would oblige the company to buy that shareholder’s shares at a set value; US President Donald Trump rules out deporting Prince Harry, as he believes the Duke has ‘enough problems with his wife’.
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