Public limited company (PLC) obligations continue after admission to Stock Exchange. Thus, your PLC must continue to comply with the listing rules. The United Kingdom Listing Authority requires PLC to comply Chapter 9 of the Listing Rules at all times.
UKLA Rules to follow
Your public limited company obligations include:
- Avoid a false market in your company’s shares.
- Give notice of the date of a board meeting at which your directors will decide on the payment of dividends and their decision.
- Announce preliminary profits and losses for the year once your board of directors has given approval for the figures.
- Publish information about certain acquisitions and realisations of assets including the purchase by your company of its own shares.
- Comply with the detailed provisions of the Listing Rules as to the content of your company’s annual report and accounts which includes your obligation to prepare half-yearly company accounts.
- Give details of any changes in the board of directors, as well as adopting rules on dealings by your directors in your company’s shares which contained in the Model Code on directors’ dealings as spell out in The Listing Rule 9. The code prevents directors from abusing their position and insiders dealing.
Public limited company obligations with Companies House
In addition, your PLC must also deliver audited company accounts and financial statements to Companies House. Accordingly, your audited company accounts must reach Companies House within six months after your accounting year ended. Otherwise, your PLC will receive an automatic late filing penalty. The penalty starts from £750 to £7500.
Another compulsory filing your PLC must file is the Confirmation statement.