Principles relating to the disapplication of pre-emption rights published by the Pre-Emption Group. The current statement of principles was published in November 2022 (Pre-Emption Group Statement of Principles 2022) and replaces the version published in March 2015 (Pre-Emption Group Statement of Principles 2015).

The principles relate to issues of equity securities for cash (including those using cashbox structures). They aim to provide clarity on the circumstances in which flexibility might be appropriate and the factors to be taken into account when considering the case for disapplying pre-emption rights and making use of an agreed authority for a non-pre-emptive share issue.

The principles are not rules but are intended to form the basis for discussion between companies and their investors. They apply to companies with shares admitted to the premium listing segment of the Official List and to trading on the Main Market. Companies with shares admitted to the standard listing segment of the Official List, to the High Growth segment of the Main Market or to trading on AIM are encouraged to adopt them.

For further details, see Practice note, Pre-emption rights: allotment of shares: Institutional investor guidelines.