A standard approach to every new funding round is to either obtain waivers from all non-participating shareholders in respect of their pre-emption rights
, or otherwise offer the new shares to the existing shareholders first, and then (after the expiry of the period during which existing shareholders may exercise their pre-emption rights
) offer the new shares to the new investors.
The further analysis of the structure of Article 47 of the current LoC shows that Paragraphs 3-7 stipulate the procedure for the implementation of the pre-emption right
to purchase the shares offered to sale, and Paragraph 11 details specific exemptions where the pre-emption right
shall not be applied: "If shares in a private limited liability company are disposed of in any other manner prescribed by law (other than by selling) or under the court decision, this Article shall not apply; however, in any case of share disposal, the number of shareholders in a private limited liability company may not exceed <...>" 249 shareholders (Art.
Eni has the option to terminate the SPA following an exercise by Tullow of its pre-emption rights
. According to The Financial Times, Tullow Oil is planning to bid for the acquisition of oil and gas blocks in Uganda from Heritage Oil.
Another major milestone was met in August when we secured the renewal of a 10-year agreement for derivatives clearing with LCH SA, as well as a 11.1% stake and a pre-emption right
in this company, ensuring a long-term and improved value proposition for our customers and investors.
Reportedly, this capital increase was effected without any pre-emption rights
for the existing shareholders of the company or others.
Additionally, 21% of shareholders voted against giving directors the authority to disapply pre-emption rights
. Pre-emption rights
provide shareholders with protection against dilution of their investments.
The acquisition is subject to government approval and the waiver of partner pre-emption rights
, Tethys Oil said in a statement on its website.
'The acquisition is subject to government approval and the waiver of partner pre-emption rights
. Closing of the acquisition is expected during the first half of 2019.
The total sales price of the transaction, which is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights
, is for $350M, prior to customary adjustments.
RockRose Energy said it has been informed that multiple partners in Wytch Farm (7.43%), which was part of the original deal, have exercised their pre-emption rights
on that asset.
The transaction remains subject to several conditions, including the waiver of pre-emption rights
by Anglo American's joint venture partner, Marubeni Coal Pty Ltd.
Nationally, people need to understand that given the current legislation and rulings by the STB, anyplace there is a railroad track in a neighborhood or through backyards, a railroad owner may purchase residential property and do anything they want under the federal pre-emption rights
afforded to railroads.