Pre-Emption Group

About Us

Businesswoman in a crowd

The Pre-Emption Group was initially set up in 2005 to produce a Statement of Principles to be taken into account when considering the case for disapplying pre-emption rights.

The Group was re-formed in 2015 to consider market changes, developments in best practice and whether consequential revisions to the Statement of Principles may be appropriate.

Its members represent listed companies, investors and intermediaries.

The role of the Pre-Emption Group is to:

  • Monitor the development of practice in relation to the disapplication of pre-emption rights and report regularly on the application of the Statement of Principles.
  • If necessary, agree to any revisions of the Statement of Principles after consultation with interested parties, and promote awareness of the revised Principles.
  • Examine whether the processes relevant to pre-emptive issues could operate more efficiently for the benefit of companies and shareholders, and where appropriate make recommendations to the appropriate authorities.
  • Provide the market with a clear view of what is regarded as acceptable practice when raising equity and equity-related capital non-pre-emptively in the UK equity capital markets. 

The Pre-Emption Group will not express a view on, or otherwise intervene in, individual cases.
 



The current membership of the Group is:

Robert Swannell

Chairman, Marks & Spencer Group plc and Chairman Pre-Emption Group

Greg Bennett

Head of Capital Markets - EMEA & Americas, Fidelity International [affiliated to The Investment Association]

Richard Colwell

Head of UK Equities, Columbia Threadneedle Investments

Simon Fraser

Chairman, Investor Forum

Robert Hingley

Partner, Ondra

Harry Hyman

Managing Director, Primary Health Properties [affiliated to the Quoted Companies Alliance]

Simon Lee

Head of M&S Pension Trust and Chief Investment Officer [affiliated to the Pensions and Lifetime Savings Association]

Matthew Lester

Chief Financial Officer, Royal Mail Group [affiliated to the 100 Group]

Colin Tyler

Chief Executive, Association of Corporate Treasurers

Charles Wilkinson

Co-Head of Corporate Broking, Deutsche Bank [affiliated to the Association for Financial Markets in Europe]

Hannah Armitage

Financial Reporting Council, Secretariat