Admission Condition Note - January 2026

This document is intended as an illustrative example of the approach to drafting of a condition on a scheme or contractual offer made in accordance with the UK Takeover Code (Code) that consideration shares are admitted (a) to listing on the Equity Shares (Commercial Companies) category of the Official List of the Financial Conduct Authority (FCA) and (b) to trading on the Main Market of the London Stock Exchange (LSE) (the Admission Condition).

It supersedes the note on Admission Conditions published on the CLLS website in April 2011.

This document has been drafted by a Joint Working Party of the Company Law Committees of the City of London Law Society (CLLS) and the Law Society of England and Wales (the Law Society) (the Joint Working Party) in light of changes to the UK Listing Rules (UKLR) that came into effect on 19 January 2026 and which removed the previous requirement for an issuer to apply to the FCA for admission of further issues of shares to listing in addition to the separate application made to the LSE for their admission to trading.