Panel resolves to approve class exemption for small Code companies

Published 1 April 2015

The Panel met on 14 April 2015 to consider the results of its consultation on a proposed class exemption for persons who increase their holding or control of voting rights in a ‘small Code company’ as a result of an allotment of voting securities by the Code company. At that meeting, the Panel resolved that it would approve the class exemption. Parliamentary Counsel Office is currently working on drafting the terms of that exemption.

The Panel will notify the market when the exemption comes into force, which is expected to be around mid-2015.

The Panel also decided that it would consider whether it would be appropriate to extend the application of the class exemption to other Code transactions, after the operation of the class exemption for allotments had been observed.