Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 52

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 52
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 to the Takeover Code (with effect from February 3, 2025) which mean that, since our securities are not “UK quoted” (i.e., admitted to trading on a UK regulated market or a UK multilateral trading facility or on any stock exchange in the Channel Islands or the Isle of Man), we will cease to be subject to the Takeover Code on February 3, 2027. 29

The Takeover Code contains rules concerning the conduct of takeover offers for the company. For example,
under Rule 9 of the Takeover Code, if a person:

(a) acquires an interest in our shares that, when taken together with shares in which he
or persons acting in concert with him are interested, carries 30% or more of the voting rights of our shares; or

(b) who, together with
persons acting in concert with him, is interested in shares that in the aggregate carry not less than 30% and not more than 50% of the voting rights in the company, acquires additional interests in shares that increase the percentage of shares
carrying voting rights in which that person is interested, the acquirer and, depending on the circumstances, its concert parties, would be required (except with the consent of the Takeover Panel) to make a cash offer for our outstanding shares
at a price not less than the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months. Some provisions in the Takeover Code might have anti-takeover effects that could discourage an
acquisition of us by others even if an acquisition would be beneficial to our shareholders.

Distributions and dividends.
Under the Companies Act 2006, before a company can lawfully make a distribution or dividend, it must ensure that it has sufficient distributable reserves (on a non-consolidated basis). The basic rule is that a
company’s profits available for the purpose of making a distribution are its accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not
previously written off in a reduction or reorganization of capital duly made. The requirement to have sufficient distributable reserves before a distribution or dividend can be paid applies to us and to each of our subsidiaries that has been
incorporated under English law.

It is not sufficient that we, as a public company, have made a distributable profit for the purpose of
making a distribution. An additional