Rights Issue Underwriting Agreement Summary
Publisher one
ƵSource file
Jurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
✒️ Underwriting agreementBusiness activity
Underwrite rights issueAn 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.
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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The template typically covers various aspects of the underwriting agreement, including the scope of the underwriter's mandate, the underwriting commitment, and the underwriting fees or compensation to be paid. Additionally, it may address the conditions under which the underwriter is expected to source potential investors, market the securities, and potentially purchase any unsold portion of the securities.
The letter may also detail other significant clauses relevant to the underwriting arrangement, such as termination provisions, representations and warranties, indemnification, confidentiality, dispute resolution mechanisms, and applicable legal jurisdiction.
By providing a standardized framework for underwriting agreements, this legal template ensures clarity, professionalism, and legal compliance for all parties involved, promoting a fair and transparent underwriting process under the UK legal system.
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