(Jersey) The International Stock Exchange – Change in Directors of Issuers listed on TISE

The Walkers listing team has extensive experience providing listing agent services in connection with listings on The International Stock Exchange ("TISE"). Walkers Capital Markets Ltd ("WCML") is a Category 1, 2 and 3 sponsor of TISE which means that we are able to act as a sponsor for all listing purposes.

Change in Directors of Issuers listed on TISE


We are frequently asked about the requirements of the TISE Listing Rules in relation to a change in directors of issuers listed on TISE. Below is a summary of certain relevant points.

 

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(Jersey) The International Stock Exchange Authority - Listing Equity under Chapter 1 of TISEA Listing Rules

This is a summary of the main requirements for the admission of equity to a primary listing on The International Stock Exchange Authority Limited (the "TISEA").

This memorandum is intended as an overview of the subject matter and should be used as a starting point for a more detailed and comprehensive discussion of the issues based on the particular circumstances or transactions envisaged.

Memos on other listing topics are also available on request, including continuing obligations guides for issuers of listed securities.

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(Jersey) Continuing Obligations for Issuers of Debt Securities (including Eurobonds) listed under Chapter 5 of the TISEA Listing Rules

This memorandum has been prepared to inform directors of companies of their obligations following the listing of specialist debt securities including Eurobonds on The International Stock Exchange Authority Limited ("TISEA") pursuant to Chapter 5 of TISEA's Listing Rules (the "Listing Rules"). The intention is to assist the directors in satisfying themselves that they are complying with all relevant requirements and to avoid breaches which may lead to undesirable consequences such as fines and suspensions.

This memorandum is intended as an overview of the subject matter and should be used as a starting point for a more detailed and comprehensive discussion of the issues based on the particular circumstances or transactions envisaged.

Client Memos on other listing topics are also available on request.

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(Jersey) The International Stock Exchange Authority - Continuing Obligations for Equities listed under Chapter 1 of TISEA Listing Rules

This memorandum has been prepared to inform the directors of their obligations on the listing of equities listed pursuant to Chapter 1 of The International Stock Exchange Authority Limited ("TISEA") listing rules (the "Listing Rules") so that the directors may satisfy themselves that they are complying with all the relevant requirements.

This memorandum is intended as an overview of the subject matter and should be used as a starting point for a more detailed and comprehensive discussion of the issues based on the particular circumstances or transactions envisaged.

Memos on other listing topics are also available on request.

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(Jersey) The International Stock Exchange Authority - PIK Notes Listing (pre-empted)

The purpose of this memorandum is to provide information on the process for listing payment in kind notes ("PIK Notes"), also known as funding bonds, on The International Stock Exchange Authority Limited (the "TISEA"). This memorandum is also relevant to the listing of further principal loan notes which are fully fungible with the existing loan notes (ie they form a single series/the same class as the existing loan notes) if the issue of such securities was pre-empted during the initial listing application stage.

Walkers Capital Markets Limited ("WCML") is a Category 1, 2 and 3 sponsor of TISEA, which means that we are able to act as a sponsor for all listing purposes, enabling all clients to achieve their goals. We are experienced in the provision of high quality and cost effective professional legal and listing services.

PIK Notes may be issued to satisfy interest payments. In these circumstances the PIK Notes are simply loan notes, usually in the same form as the existing loan notes, which are issued to the existing Noteholders for an amount equal to the amount of accrued interest.

Subject to a number of exceptions, a UK tax paying company is obliged to withhold tax from payments of interest. As TISEA has been designated as a recognised stock exchange under section 841 of the Income and Corporation Taxes Act, 1988 and section 1005 (1) of the Income Tax Act (2007), qualifying debt securities listed on TISEA are eligible for the Quoted Eurobond Exemption which allows an issuer liable to pay UK tax to make payments of interest on the listed securities gross, without deduction of withholding tax.

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