Following Brexit, in order to provide long-term certainty to the Irish securities market, the issuer CSD services for Irish securities provided by CREST was required by Euronext to migrate to Euroclear Bank by the end of March 2021. This required companies listed on the Irish Stock Exchange to seek shareholder approval by special resolution of the migration of their securities from CREST to Euroclear Bank without the need to go through individual schemes of arrangement.
The major challenge for affected companies was the short window between the legal requirement coming to light – effectively January 2021 - and the need for shareholders to consider and vote on special resolutions at General Meetings in March.
Given our expertise in producing time-critical Corporate Finance documentation and our unrivalled in-house typesetting capacity, a number of Irish-listed companies and their legal advisors turned to Black&Callow for help.
Over the course of a fortnight in February, our around-the-clock project management, typesetting, proofing, personalisation, printing and mailing teams worked to ensure Circulars and Form of Proxy were despatched to each of the companies’ shareholders in sufficient time for Meetings to be held and resolutions considered and passed.
