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Rights Issue Underwriting Agreement Summary

Publisher one

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Source file

Jurisdiction

England and Wales

Contract party

Relevant sectors

Type of legal document

✒️ Underwriting agreement

Business activity

Underwrite rights issue

Why use a ✒️ Underwriting agreement?

An underwriting agreement is a contract between a company and an investment bank in which the investment bank agrees to buy a set number of shares of the company's stock at a set price. The agreement also sets forth the investment bank's role in underwriting the stock offering, including its obligation to use its best efforts to sell the shares to investors.

This legal template is designed to outline the terms and conditions of a rights issue underwriting agreement under UK law. A rights issue is a corporate action that allows existing shareholders of a company to purchase additional shares at a discounted price, typically to raise additional capital.

The agreement sets forth the responsibilities and obligations of the underwriter, who is the financial institution or group of investors that guarantees the purchase of these additional shares in case they cannot be fully subscribed by existing shareholders. It covers various aspects such as the underwriter's commitment to buy the unsubscribed shares, the purchase price, payment terms, and any other relevant conditions.

The template will also include provisions related to the expiration dates, any potential allotments of shares, issuance of share certificates, regulatory compliance, and representations and warranties by both parties. It may also include indemnification clauses addressing potential legal risks associated with the rights issue.

Overall, this legal template aims to provide a concise summary of the underwriting agreement under UK law, ensuring that both parties involved have a clear understanding of their rights, obligations, and expectations throughout the rights issue process.

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