A Share Cancellation Agreement is utilized when a company needs to reduce its share capital through the cancellation of existing shares. This document is crucial in Singapore's corporate landscape, where strict capital maintenance rules apply under the Companies Act. The agreement typically includes details of the shares being cancelled, consideration (if any), completion mechanics, and necessary corporate and regulatory approvals. It's particularly important for corporate restructuring, capital reduction exercises, or implementing employee share buyback programs. The Share Cancellation Agreement must comply with Singapore's regulatory framework, including ACRA requirements and, where applicable, SGX listing rules.
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1. Parties: Identification of the company and the shareholder(s) whose shares are being cancelled
2. Background: Context of the share cancellation, including current shareholding structure and reason for cancellation
3. Definitions: Key terms used throughout the agreement
4. Share Cancellation: Details of shares to be cancelled, including class, number, and nominal value
5. Consideration: Terms of any payment or compensation for the cancelled shares
6. Completion: Process and timing for completing the share cancellation
7. Representations and Warranties: Standard warranties regarding ownership, authority to cancel, and absence of encumbrances
8. Governing Law: Specification of Singapore law as governing law
1. Tax Provisions: Additional clauses dealing with tax implications and responsibilities of the share cancellation
2. Regulatory Compliance: Specific provisions addressing compliance with SGX listing rules and other regulatory requirements
3. Confidentiality: Provisions regarding confidentiality obligations for the transaction details
4. Shareholder Approval: Specific procedures and requirements for obtaining necessary shareholder approvals
1. Share Certificate Details: Schedule containing copy or details of share certificates to be cancelled
2. Board Resolutions: Copies of relevant board resolutions approving the share cancellation
3. Shareholder Resolutions: Copies of shareholder resolutions approving the share cancellation, if required
4. ACRA Forms: Relevant ACRA forms required for filing the share cancellation
5. Valuation Report: Independent valuation report of shares being cancelled, if applicable
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