There is an important new "Transparency Directive" which takes effect in the UK from 20 January 2007.
Although it takes effect on 20 Jan 07, all companies must declare their VOTING RIGHTS by 31 Dec 06.
The new "Transparency Directive"is aimed at standardising Company info across Europe. UK is largely unaffected due to current RNS system but there are THREE KEY DIFFERENCES:
• First, all companies will be required to publish financial statements four times a year – an annual report, a half-yearly report and two interim management statements or quarterly reports.
• Second, the half-yearly report will need to include the principal risks and uncertainties to a company’s business for the remaining six months of the year.
• Third, the annual report will need to be published within four months of the year-end rather than six months. Companies will no longer be obliged to
publish a preliminary statement of annual results, although they can still do so. “interim results”) will have to include a condensed set of financial statements as currently required for UK-listed companies, a management report and responsibility statements. Among the requirements, the report will also have to include, for the first time, a statement of the principal risks and uncertainties that may affect the business over the following six months.
"The Transparency Directive takes effect in the UK from 20 January 2007."
"The Transparency Directive will create a framework for companies across Europe to adopt similar standards around information disclosure."
"The impact of the Directive will be greater in jurisdictions where there is a less well developed disclosure regime, so the impact for UK companies
will be limited."
"The Directive requires companies to disclose information at regular intervals through specific channels and, in that way it bears many similarities
to the existing UK regime.
"The Transparency Directive should benefit companies and investors. In the past, investors have found it hard to compare information on companies from
different countries in Europe and this has, at times, made them more cautious about investing."
"Generally speaking, the Transparency Directive will not apply to AIM companies; however, the requirements concerning disclosure of voting rights
will apply to UK AIM companies. This requirement is explained in more detail later in Chapter 3."
3.14 When must companies disclose details of their voting rights?
Companies must make this disclosure to the market via an RIS by 31 December 2006. Companies will also have to disclose any change which occurs
between the date on which the disclosure is made and 20 January 2007. Any subsequent changes will need to be disclosed on a monthly basis. The FSA
has introduced a new announcement headline type for these disclosures, “Total Voting Rights’”.
The full LSE info on the new Transparency Directive can be found at:
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