What must the shareholder statement be prepared and submitted by when applying for the first time listing to UKLA?

The requirement for the shareholder statement to be prepared and submitted by 9am on the application day is in line with the regulatory framework established by the UK Listing Authority (UKLA). This timing is critical as it allows for the proper assessment of the listing application right from the outset of the application day. Submitting the statement by this early hour ensures that all necessary documentation is in place to facilitate a smooth processing of the application, thereby helping maintain the efficiency and rigor of the listing process.

Timing is particularly important in the context of regulatory processes. The 9am deadline is set to allow the UKLA staff sufficient time to review the submitted documents, verify compliance with listing rules, and address any potential issues before they might impact the overall timeline of the listing.

The other time options, such as 12pm, 1pm, or the end of the application day, would not align with the UKLA's operational efficiency and regulatory requirements, as they could risk delays in processing applications and extending uncertainty for stakeholders involved in the market. Therefore, adhering to the 9am submission requirement is essential for timely and compliant submissions to the UK Listing Authority.