Shareholders' Agreements · glossary
An initial public offering: the admission of the shares to trading on a stock exchange. It needs A Consent and B Consent, and no Sale Process may run while one is pursued. On an IPO the three classes become one and the agreement ends. Clause 15.3 · Clause 20.1 · Chapter 2 · Chapter 8
Explained in Chapter 2, Shares, Classes and the Register, of Shareholders' Agreements.
So why have classes at all? Ferris's solicitors, Pellow & Hart, first proposed one class. One class is simpler to explain to a listed group's board, simpler to sell and simpler to list on a stock market (an IPO). The board seats and vetoes could then sit in the agreement as personal rights of Ferris and A&W.Read Chapter 2, Shares, Classes and the Register →
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