Billy Kelleher (Cork North Central, Fianna Fail)

The final area where amendments were made by the Dáil related to the recognition for certain purposes of stock exchanges outside the State. Amendment No. 5 provides for the amendment of section 226A of the Companies Act 1990 which is being inserted by paragraph (g) of section 3 of this Bill. Section 226A outlines the information that is required to be published on the company website following the purchase by a company of its own shares on a recognised stock exchange outside the State.

As companies may make many purchases of own shares on a single day at different prices, this amendment will ensure the information provided on the company website is focused and avoids an unnecessary administrative burden on companies. The requirement to publish the price of shares purchased is being expanded to include an alternative option, which is that companies will be required to publish the highest and the lowest prices paid only. The requirement to publish the time of each purchase is being removed to avoid the necessity for a lengthy list of times. Only the date of the purchase will be required.

This amendment is to simplify arrangements. Some companies may buy their own shares from time to time, for instance, if there is a cash surplus. The purpose of the amendment is to provide clarity with regard to the publication of the purchases of shares. The highest and lowest share price must be published along with the date of purchase. The previous proposal was that they would have to outline the time but several transactions of shares at various prices and various times could be made in the one day. The lowest price and the highest price of the share transaction must be published on the day of the purchase, as opposed to the time of the purchase.