2010 Syndicate Pre-emption
Syndicate(s) Affected: 2791
Pre-emption to £500m Capacity for 2010
Following support from capital providers for the proposed pre-emption of syndicate 2791 for 2010 to £500m (equivalent to a 23.771% increase on 2009 capacity), MAP has formally offered the members of the syndicate their pre-emption entitlement in accordance with the Syndicate Pre-emption Byelaw. That offer is conditional on the proposed increase being approved by the Franchise Performance Directorate (FPD) as part of MAP’s business plan submission. In the event that a lower increase is approved by the FPD, pre-emption entitlements being offered will reduce accordingly.
Staff Pre-emption
MAP has further received the support of its capital providers to enable it to allocate up to 2% of capacity on syndicate 2791 to staff participating on syndicate 6103, to enable them to achieve some additional diversification relief. At this stage, we are unable to determine the amount of the staff pre-emption, however in the context of syndicate 2791’s overall capacity, it is likely to be de minimis.
Date issued: 4 September 2009
Contact Information
Agency contact name: Siobhan McAuley/ Anne Mount
Agency contact no: + 44 (0)207 3867/ 3864
For auction office use only: D2009010
