CODEWORD

The Panel has made a number of changes to its Basic Guide for Directors and Basic Guide for Shareholders (the Guides). The changes included the following (amongst other things):

• revising and updating the formatting of the Guides;
• providing further detail on schemes of arrangement (the Panel considered that, in light of the increased use of schemes of arrangement, the documents had become too focused on Code regulated transactions); and
• providing updates on the use of deal protection devices (this change was only made in the Basic Guide for Directors).

• The updated version of the Basic Guide for Directors can be found here and the updated version of the Basic Guide for Shareholders can be found here.