CODEWORD

As a result of recent transactions, the Panel has made several updates to the Panel’s Guidance Note on Schemes of Arrangements (the Schemes Guidance Note). In summary, the amendments:

• set out how the Panel is likely to respond if an applicant for a letter of intention applies for (and potentially receives) initial orders from the Court before the Panel has an opportunity to fully consider the application for a letter of intention;
• clarify that target shareholders:
  • should be afforded adequate time to consider the scheme documents prior to the vote; and
  • file objections to a scheme with the Court; and
• clarify the Panel’s position in relation to the treatment of unclaimed scheme consideration.
  
  The updated version of the Schemes Guidance Note, as well as a compare version showing all updates, can be found here on the Panel’s website.