Companies Act 2014 section 1020

Capacity to make public offers of securities

Section 1020 confirms that a public limited company has the capacity to offer, allot and issue securities to the public, unless its own constitution says otherwise, and provided it complies with the relevant regulatory requirements.

• A PLC may offer, allot and issue securities to the public as a default right
• This capacity can be restricted or prohibited by the company's own constitution
• Any public offer of securities must comply with Part 23 of the Companies Act 2014, where applicable
• Securities are as defined in Part 3 of the Act and include shares and debt instruments