A pre-emption right
is offered to existing shareholders in respect of any future issues of shares (or other "equity securities") by the startup, giving the existing shareholders the first option to purchase the newly issued shares.
The termination followed Tullow Uganda's exercise of a pre-emption right
with respect to the transaction and was allowed under the terms of the Eni.
While Myners insists the principle of pre-emption rights
should be upheld, he also believes there should be case-by-case discussions between companies and shareholders, giving firms a freer rein to raise funds outside the existing rules.
The company boosted its own 1.5% stake to 13.1%, after adding Ericsson's pre-emption rights
to its own, for 57.3m pounds ($106.3m).
(Other OKIOC partners have pre-emption rights
on equity changes in the consortium, allowing them to make counter-bids for at least some of BP's stake.
It centres on obtaining a ruling about the pre-emption rights
of existing shareholders when an outsider attempts to buy into the racecourse company, which is covered in the articles of association.
The Greater Kuparuk Area acquisition is subject to co-owner pre-emption rights
and both acquisitions are subject to regulatory approval.
Nostra Terra purchased the assets from GFP Texas Inc., which has exercised its pre-emption rights
following the proposed sale of Pine Mills by its previous owner and operator, Cue Resources LLV.
Importantly, pursuant to the CCL the existing shareholders of a public joint stock company do not have pre-emption rights
in respect of shares issued pursuant to an ESOP.
The rest has to do with an agreement for pre-emption rights
and call options entered into with RLB OOe Alu Invest GmbH, a 100% subsidiary of Invest Holding GmbH.