Part IV Allotment of Shares and Debentures
Pre-emption rights
90 Communication of pre-emption offers to shareholders.
1
This section has effect as to the manner in which offers required by section 89(1), or by a provision to which section 89(3) applies, are to be made to holders of a company’s shares.
2
Subject to the following subsections, an offer shall be in writing and shall be made to a holder of shares either personally or by sending it by post (that is to say, prepaying and posting a letter containing the offer) to him or to his registered address or, if he has no registered address in the United Kingdom, to the address in the United Kingdom supplied by him to the company for the giving of notice to him.
If sent by post, the offer is deemed to be made at the time at which the letter would be delivered in the ordinary course of post.
3
Where shares are held by two or more persons jointly, the offer may be made to the joint holder first named in the register of members in respect of the shares.
4
In the case of a holder’s death or bankruptcy, the offer may be made—
a
by sending it by post in a prepaid letter addressed to the persons claiming to be entitled to the shares in consequence of the death or bankruptcy by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description, at the address in the United Kingdom supplied for the purpose by those so claiming, or
b
(until such an addrerss has been so supplied) by giving the notice in any manner in which it might have been given if the death or bankruptcy had not occurred.
5
If the holder—
a
has no registered address in the United Kingdom and has not given to the company an address in the United Kingdom for the service of notices on him, or
b
is the holder of a share warrant,
the offer may be made by causing it, or a notice specifying where a copy of it can be obtained or inspected, to be published in the Gazette.
6
The offer must state a period of not less than 21 days during which it may be accepted; and the offer shall not be withdrawn before the end of that period.
7
This section does not invalidate a provision to which section 89(3) applies by reason that that provision requires or authorises an offer under it to be made in contravention of any of subsections (1) to (6) above; but, to the extent that the provision requires or authorises such an offer to be so made, it is of no effect.