From 19 January 2026, a new set of rules will take effect which govern public offers and admissions to trading of securities in the UK (known as POATR), and a new regime for prospectuses (known as the PRM). At the same time, a small but important change is being made to the UK Listing Rules which will impact the process listed companies should follow when making further issuances of shares (for example under an employee share scheme).
What are the current rules when a listed company issues new shares?
There are separate processes for applications for listing (with the Financial Conduct Authority) and applications for admission to trading (with the London Stock Exchange).
Currently listed companies must apply to the FCA for listing of any further issues of shares (of the same class) (e.g. on a rights issue or as a result of options being exercised). In addition, issuers must apply to the LSE for the further shares to be admitted to trading, and notify the FCA that they have done so.
How do block listings work?
Almost half of all companies listed in the ESCC category have a block listing in place under UKLR 20.6. This means that they do not have to make repeated applications for listing for routine issuances (most commonly under employee share plans) up to a certain limit. When a company issues shares under a block listing they must notify the market once every six months with details of all shares issued under that block listing.
There is a separate process with the LSE for block admission to trading, again to avoid the administrative burden of making multiple applications for routine issuances.
What will change from 19 January 2026?
The administrative steps on a further share issue of a class of shares already listed will change.
Application to listing
From 19 January, once a class of shares is listed on the FCA’s Official List, subsequent issuances of the same class of shares are treated as automatically listed when issued, without requiring a further listing application. This change will apply for all pre-existing classes of listed shares without any action needed by the company.
The block listing regime will be removed and UKLR 20.6 deleted.
Application for admission to trading
Issuers must still obtain admission to trading (i.e. on the LSE). This must be done within 60 days of the shares being allotted for companies listed in the ESCC category. International companies with a secondary listing must obtain admission within a year.
Announcements
Rather than an announcement every six months, issuers will need to make an announcement within 60 days of new shares being admitted to trading. Admissions to trading over the course of 60 days can be rolled into a single notification, but the notification must be up to date as at the day it is made or close of business on the preceding business day.
The notification must contain:
- The issuer’s name and LEI
- The regulated market
- The name, type and ISIN of the securities
- The number of further securities admitted
- The total number of securities admitted taking into account the further issuance
- Confirmation that the further securities are fungible with securities already admitted to trading
- Dates of admission to trading (or a date range)
What action should issuers take?
Those responsible for administering new issues of shares should take note of the changes (summarised below) and update their processes to reflect them. In particular they should take note of the need to apply to the LSE for shares to be admitted to trading within 60 days of allotment and to make an announcement within a further 60 days.
| Until 18 January 2026 | From 19 January 2026 | |
| Application to the FCA for listing | Required (asap and within one month of allotment) (UKLR 9.4.17R) unless block listing in place under UKLR 20.6. | Not required |
| Application to the LSE for admission to trading (LSE Form 1 or via the online self-service portal (SSP), or pursuant to a Block Admission). | Required (UKLR 3.2.3R) | Required (within 60 days of allotment) (PRM 1.6.2R) |
| Notification to the FCA that an application has been made to the LSE | Required (UKLR 6.2.2R) | Not required |
| Announcement | Required (on grant of block listing and then once every 6 months with details of issuances – UKLR 20.6.5R and 20.6.6R) | Required (within 60 days of admission to trading) (PRM 1.6.4R) |
For further information, please contact:
Lucy Reeve, Partner, Linklaters
lucy.reeve@linklaters.com
