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Trading in Shares

 

Public companies may seek to be listed by the way of introduction if their securities are not to be marketed.  Companies wanting to market their shares can achieve the admission by any of the following methods.

(a) An offer for sale under which securities already in issue or allotted are offered to the public at large. This will entail making application forms available to the public who will complete and return them, paying the specified fixed price for the shares. It is, however, possible for the offer merely to fix a minimum price and require the applicants or the shares to tender a higher price, with the shares going to the highest bidder.

(b) An offer for subscription under which securities not yet in issue or allotted are offered to the public at large. The same procedures as in (a) will be followed.

(c) A placing. In this case, the company’s shares will not be offered to the public generally, rather they will be offered to clients of the sponsor.

(d) An intermediaries offer. This involves securities being allocated to 'intermediaries' (for example, Stock Exchange member companies) who will in turn allocate the securities to their own clients.

Concise Accountancy - Information for potential and newly listed companies

 
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