CODEWORD

The Panel is a market panel and part of its role is to facilitate competition for control of Code companies. However, it is not the Panel’s role to grant exemptions to allow market participants to deviate from the Code purely on the basis of commercial expedience or to obtain a particular commercial benefit.

Market participants should carefully consider the provisions of the Code when proposing to increase their voting rights in a Code company and must seek to structure transactions in compliance with the Code. Also, before applying for an exemption market participants should carefully consider the nature of the Panel’s power as outlined in this guidance note. In addition it is important that any application contain full details of the purpose and surrounding circumstances of a transaction in respect of which an exemption is sought so that the Panel understands fully the background to the application.