Documents and side agreements typically consist of a set of documents listed in a schedule attached to the AnsG, which the parties must engage in or before entering into an M&A transaction, and include, among other things, that a share purchase agreement (SPA) is the main contract used in connection with a private sale of shares. The United Kingdom left the European Union on 1 January 2020 and European Union legislation applies until the end of a transitional period on 31 December 2020. The UK Government has repeatedly indicated that it would not wish to extend the transition period further. Recent statements by the Prime Minister and other senior cabinet ministers indicate that the UK government may not be able to conclude a trade deal with the EU before the end of the transition period. The share purchase agreement is a legal document defining the conditions under which the shares are transferred to a company. It distinguishes between a transfer of all the shares in a company and a partial transfer. There are at least two parties to this agreement: a selling company holding the ownership rights to the shares and a buying company. As a rule, shares are transferred against payment in cash. But it is also possible to pay for equity with shares, benefits in kind or media. Some buyers may only be interested in acquiring exclusive ownership of a business. If the target is made up of several shareholders, some may not want to sell their shares. In this case, moving to the right might be useful.
It allows majority shareholders to force the minority shareholder – or „pull“ – to also sell their shares. A PPS should indicate the selling price of the shares, the currency, the payment in which period and all other conditions such as the instalment payment linked to the performance of the company. . . .