CTC - Corporate Finance Training programmes Returning Capital to Shareholders Listed companies

An explanation of course levels:

Introductory: for those new to the subject.
Intermediate: for delegates with some prior knowledge of the subject.
Advanced: for delegates with substantial knowledge of the subject.
Update: for delegates with or without prior knowledge of the subject.

Share capital and capital re-organisations

Returning capital to shareholders: Listed companies

The course covers the procedures for a public listed company to return capital to shareholders by a special dividend, purchase of own shares or return of capital, including a B share issue.

CPD: 6 hours

Level: intermediate

OBJECTIVES

Listed companies with surplus capital frequently use a variety of methods to return capital to shareholders. Participants will consider the advantages and disadvantages of the different methods. Participants can expect to have an overview of the man points to be aware of in implementing each of the possible methods.

COURSE OUTLINE

PART 1. the options

Overview of the options for returning capital to shareholders.
The considerations influencing the choice.

PART 2. purchase of own shares

How to structure a purchase of own shares.
The restrictions under the Listing Rules and investor guidelines.
The procedure for a market purchase by a public company.
Buybacks of Treasury shares.
Changes made by the Companies Act 2006.

PART 3. reductions of capital

The requirements for a reduction of capital approved by the court and the relevant procedure.
Matters considered by the court and how to protect creditors.
Procedure, including court requirements.
Changes made by the Companies Act 2006.

Part 4. special dividends

Process for a special dividend.

Part 5. B share issue

The process for creation and issue of the shares.
Pitfalls to avoid.
Redemption of the shares.
Drafting the documents.