Policy on Rule 22 - Approvals of Independent Advisers
The Takeovers Panel introduced the following policy on 24 October 2001 in respect of approvals of independent advisers for the purposes of rule 22 of the Code (fairness between classes of securities):
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That persons approved under rule 22 as an independent adviser be asked to make a statement on the front of their report advising that: | ||
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"(a) | the report is not a report on the merits of the offer. | |
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(b) | the report has been commissioned by the offeror. | |
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EITHER | ||
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(c) | [in respect of reports required for the purposes of rule 8(3) or 9(5) of the Code] the report is solely to compare the terms and conditions offered for each class of voting securities with those offered for the other class(es) of voting securities. | |
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OR | ||
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(c) | [in respect of reports required for the purposes of rule 8(4) of the Code] the report is solely to compare the terms and conditions offered for non-voting securities with those offered for voting securities. | |
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(d) | a separate independent report on the merits of the offer commissioned by the directors of the target company will be distributed to shareholders shortly along with a statement by the target company." | |
24 October 2001