Other specific legislative changes affecting Unquoted PLCs

In addition to the measures affecting all companies, the Act includes the following measures applicable to unquoted public companies.

Governance

The upper age limit of 70 for directors will be abolished.

Accounts

The deadline for laying the accounts at the AGM and for filing the accounts with companies house will be reduced to six months from the end of the accounting period.

Share capital

Companies will no longer need to have an authorised share capital, but (in the case of a public company) authority will need to be given by the articles or shareholders and a ceiling will need to be placed on the maximum number of shares that can be allotted.

Other

The disclosure requirement in respect of director's share dealings will be abolished in relation to unquoted PLCs.

The s212 investigation notices regime (allowing public companies to require certain persons to provide information relating to their interest in the company's shares) will remain in the legislation, but the rest of the substantial shareholdings notification regime is removed from the Act (to instead be dealt with by FSA rules) and will no longer apply to unquoted public companies.