Company: IMCR
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012123
Chunk: 33

Company: Immunocore Holdings plc
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 33
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. While these limitations in size and duration on the share issuance authorization are part of the corporate governance framework applicable to companies whose share capital is listed on the London Stock Exchange (regardless of 23 TABLE OF CONTENTS whether such companies are incorporated in the United Kingdom or elsewhere), our ordinary shares are not, and never have been, listed on the London Stock Exchange, and we are not subject to London Stock Exchange share listing rules or governed by the corporate governance standards applicable to companies whose share capital is listed on the London Stock Exchange. As an English company, we are committed to complying with English law. We are legally required to seek shareholder approval to renew our share issuance authorization because we are incorporated in England and Wales. However, the U.S. capital markets are the sole capital markets for our ordinary shares and our securities are listed solely on the Nasdaq Global Select Market. As such, we believe that our shareholders expect us to, and we are committed to, follow customary U.S. capital markets practices, U.S. corporate governance standards, the rules and regulations of the SEC and the Nasdaq rules and listing standards. We also believe that applying the standards and market practices of a market where our securities are not listed is inappropriate and is simply not in the best interests of our company or our shareholders, especially in circumstances where we are committed to complying with the governance rules and practices of the actual capital market for our ordinary shares—the Nasdaq Global Select Market—which provides its own separate restrictions on share issuances for the protection of shareholders. Further, we believe that these U.K. market limitations would leave us disadvantaged as compared with our U.S. incorporated and exchange-listed peers. Companies that are incorporated and listed in the United States are not generally required to—and do not—seek shareholder approval to renew their authority to allot and issue shares, and the dis-application of the statutory pre-emption right is not otherwise required for many companies with which we compete. In this regard, companies who are incorporated and publicly traded in the United States generally do not grant all existing shareholders pre-emptive rights on new issuances of shares. To be clear, shareholder approval of resolutions 12 and 13 would not mean that we would have no limits on future share issuances. To the contrary, as a result of our qualification as a U.S. domestic issuer for SEC reporting purposes, we are subject to the same governance and share issuance requirements as all other U.S.-incorporated companies listed on Nasdaq. For example, Nasdaq rules generally require shareholder approval prior to