2023-07-28 07:57:06
The AMF informs investors of the possibility of shortening subscription deadlines for issues with preferential subscription rights and issues a new recommendation.
In order to improve investor information on the occasion of issues with preferential subscription rights, it is now recommended that issuers insert, within the provisional schedule of the offer presented in the summary of the prospectus, a statement according to which : ” The custody account-keeper of the PSR holder may shorten the deadlines (date and time limits) for the exercise of preferential subscription rights. We recall that account holders must inform investors through corporate actions and we invite investors to contact their account holder. ».
This statement has been integrated into the guide to preparing prospectuses (DOC-2020-06):
in paragraph 2.1 of the 3rd part: insertion of a new recommendation applicable to issues with preferential subscription rights according to which ” In the event of a capital increase with preferential subscription rights maintained by an issuer whose shares are admitted to trading on the regulated market, the AMF recommends that this issuer insert, within the provisional timetable for the operation indicated in the prospectus and in the press releases relating to the operation published on the issuer’s website, a statement that: “The custodian of the PDS holder may shorten the deadlines (date and time limits) for the exercise preferential subscription rights. We recall that account holders must inform investors through corporate actions and we invite investors to contact their account holder. » ; as well as; in paragraph 2.3 of the 1st part: clarifications provided in the 4th section “description of the offer and/or admission – Mention in the event of a capital increase with maintenance of the PSR on the regulated market”.
In addition, the conditions for filing a prospectus on a voluntary basis have been clarified (1st part – questions 3.1 and 3.2). The section describing the regime relating to crowdfunding in the event of a public offering below the €8 million threshold has been updated (2nd part – paragraph 2).
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