UK Listing Rules class tests—fundamentals


Published by a ³ÉÈËÓ°Òô Corporate expert
Practice notes

UK Listing Rules class tests—fundamentals


Published by a ³ÉÈËÓ°Òô Corporate expert

Practice notes
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This fundamentals note considers the class tests in the UK Listing Rules (UKLR) used to classify the size of a transaction undertaken by a company listed in the equity shares (commercial companies) listing category (referred to as the commercial companies category). References to a listed company in this Practice Note are to a company listed in the commercial companies category.

Companies with equity shares listed in other listing categories are also subject to rules on transactions under the UKLR but are outside the scope of this Practice Note.

What are the class tests used for?

The class tests (also referred to as percentage ratios) are a series of tests which are used to assess the size and importance of a transaction undertaken by a listed company or its subsidiary undertakings. The results of the class tests determine how significant the transaction is relative to the listed company and what action under the UKLR, if any, the listed company needs to take. These rules are primarily aimed at ensuring that shareholders are kept fully informed of, and in some cases have

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Jurisdiction(s):
United Kingdom

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