CodeWord Issue 44 - June 2017
In this issue
Cost disputes now to be determined by the Panel
Until a recent amendment to the Takeovers Act 1993, rule 49 of the Code provided that target companies, and their directors, were entitled to recover …
Read MoreCall scripts, shareholder presentations, slides and other information published or sent to offerees – a reminder to the market
Rule 47(4) provides that an offeror or target company or person acting on behalf of any of them who, in relation to an offer or a takeover notice, pub…
Read MoreDate of target company statement
Rule 46 of the Code requires a target company to send a target company statement (“TCS”), but the Code does not specify how to determine the date of t…
Read MoreRecent application and interpretation of rules 42A and 42B
During a recent full takeover offer, the Panel was asked to consider whether a conditional right to be issued shares in the future was an ‘equity secu…
Read MoreGuidance Notes have been updated
In line with other regulators in the financial markets, the Panel encourages clear, concise and effective drafting. The Guidance Notes for Offer Docum…
Read MoreClass exemption notice has been updated
Finally, two new clauses have been inserted into the Takeovers Code (Class Exemptions) Notice (No 2) 2001.
New clause 25D grants an exemption from ru…
