Articles of Association: pre-emption (share allotment)

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Pre-emption rights on the allotment of new shares, giving existing shareholders the right of first refusal on a proposed issue of additional shares in the company.  In the form of standalone paragraphs to be included in the company’s Articles of Association.

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When do I use this document?

  • for shareholders to have rights of first refusal on a proposed issue of new shares
  • for inclusion in the company’s existing Articles of Association
  • for a private limited company incorporated in England and Wales
  • in conjunction with a shareholder resolution to amend the Articles of Association – see

What are the key features?

  • pre-emption rights offer and acceptance process
  • provision for pre-emptive rights to be disapplied with the consent of either a specified investor or the holders of not less than 75% of all of the shares in issue
  • allowance for grant of options and allotment of shares under an employee share scheme
  • requirement for any new shareholder to adhere to the company’s Shareholders Agreement
  • ITEPA election wording for shares allotted to directors/employees 

What other documents are available?

For pre-emption rights on the transfer of shares, see

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