PLC FastDraft has now launched. To try PLC FastDraft, call 020 7202 1220 or email fastdraft@practicallaw.com.
An automated set of documents covering share buybacks.
To login, go to PLC FastDraft.
PLC FastDraft allows you to create better documents, faster.
Each PLC FastDraft module automates all documents for a project. We aim to halve the time you spend on first drafts of documents. For more information see About PLC FastDraft.
Subscribers should go to PLC FastDraft and login, then create a share buyback project.
The following situations are covered:
A share buyback by a private company.
A sale of a shareholding (or part thereof) i.e. only from one share class. The shareholding can be owned by more than one person.
It can be out of distributable profits or out of capital.
The consideration will be paid in cash.
The company not having the authority to do a share buyback.
Whether the purchase agreement is entered into following a tender offer.
The articles of the company providing shareholders with pre-emption rights.
Directors requiring to make a s317 disclosure.
A share buyback which constitutes a substantial property transaction (s320).
This module currently only provides for share buybacks by private UK companies in accordance with the law of England and Wales.
All PLC FastDraft modules allow you to import contact information directly from Companies House and from the Royal Mail's postal database.
The following documents are automated in PLC FastDraft Share Buybacks.
Some of the documents are accompanied by drafting notes. There are links to relevant PLC Practice Notes.
Written shareholders' resolution (www.practicallaw.com/7-316-8955).
Shareholder meeting (EGM) minutes (www.practicallaw.com/2-316-8953).
Letter of declaration of s317 interest.
Waiver of pre-emptive rights letter.
List of parties.
Instruction checklist and deal summary document.
We are planning to include the following content in this module:
Share buybacks by a public (listed or not) company.
Share buybacks out of a fresh issue of shares.