cash box placing

cash box placing
United Kingdom
A method of raising cash from the issue of equity securities which is characterised for Companies Act 2006 purposes as an issue for non-cash consideration. A cash box structure allows an issuer to issue new shares under the exception from the pre-emption requirements of section 561 of Companies Act 2006 provided by section 565 of the Act. It is not a cash issue as the shares are issued in exchange for preference shares in a special purpose subsidiary. The only material asset of the special purpose vehicle is cash, provided on a subscription of shares by an investment bank. The investment bank is able to finance its commitment to fund the subscription price on the preference shares out of the proceeds of the placing of the company's equity securities.
For further information, see Practice note, Secondary issues and acquisitions: cash box and vendor placings (

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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