CodeWord Issue 34 - May 2013

In this issue

Technical Amendments to the Code

A number of amendments to the Takeovers Code will come into force on 1 June 2013. The amendments are the culmination of a review of the Code conducted...

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Changes relating to partial offers

A partial offer under the Code enables a person to make an offer for less than 100% of the voting securities in a Code company by way of an offer to a...

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Changes relating to shareholder meetings

Where an acquisition or allotment of shares must be approved by the shareholders of the Code company under rules 7(c) or 7(d), a notice of meeting mus...

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Changes relating to offer documentation / process

Offer conditions and defensive tactics (clauses 15, 20)Rule 25(1) provides the offeror with broad discretion to include conditions in the offer (altho...

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Other Changes

Rule 35 dispositions (clause 16)Currently, rule 35 prohibits a person who acts jointly or in concert with an offeror from accepting the offeror’s offe...

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