Company: IMCR
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012123
Chunk: 32

Company: Immunocore Holdings plc
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 32
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 appropriate to avoid us being at a competitive disadvantage as compared to our peer companies, many of whom are incorporated in the United States and not subject to the same restrictions on their ability to issue shares as apply to us under the Companies Act. Rationale for Seeking Renewal of Current Share Issuance Authorization Ability to execute on our business and growth strategy without competitive disadvantage The renewal of our share issuance authorization is fundamental to the way we intend to advance our business and increase shareholder value. Not having the flexibility to undertake equity offerings when and in such manner as our board of directors considers in the best interests of shareholders could put us at a distinct disadvantage relative to many of our peer companies that are listed and incorporated in the United States and are not subject to similar share issuance restrictions. Likewise, the requirement to first offer shares that we propose to issue for cash to all of our existing shareholders in time-consuming pro-rata rights offerings would considerably reduce the speed at which we could complete capital-raising activities undertaken in furtherance of our growth strategy, increase our costs and decrease the certainty of completion of any such transaction, all of which would put us at a distinct disadvantage relative to many of our peers. We do not believe that limitations derived from U.K. market practice should apply to us While not required by English law, it is market practice for companies whose shares are admitted to the main market of the London Stock Exchange plc (the “London Stock Exchange”) to seek authorities at their annual general meeting each year that comply with U.K. institutional investor guidelines applicable to such companies. These guidelines require the authority to allot shares to be sought annually and to be limited to up to two-thirds of the existing issued share capital, with any amount in excess of one-third of existing issued shares to be used for a fully pre-emptive offering only. In addition, the issue of shares for cash on a non-pre-emptive basis is limited to (i) no more than 10% of the existing issued share capital in any one year, (ii) an additional up to 10% that can be used only in connection with an acquisition or specified capital investment and (iii) an additional 2% of issued share capital, plus an additional 2% to be used only in connection with an acquisition or specified capital investment, which may be used only for a follow-on offer to retail investors and existing shareholders after a placing of equity securities. These guidelines are set out in the Investment Association’s Share Capital Management Guidelines and the Pre-Emption Group’s Statement of Principles, respectively