Class exemption notice has been updated

Published 1 June 2017

Finally, two new clauses have been inserted into the Takeovers Code (Class Exemptions) Notice (No 2) 2001.

New clause 25D grants an exemption from rule 44(1)(d)(ii) of the Code, which requires a takeover offer to contain any additional information that was contained in the takeover notice. The exemption applies where any of the additional information in the takeover notice is found to be erroneous or outdated.

New clause 25E grants an exemption from rule 44(1)(b), which requires an offer to be on the same terms and conditions as those contained in the draft offer document accompanying the takeover notice. The exemption applies where a variation to the terms or conditions contained in the draft offer is approved by the Panel and is to correct an obvious technical error that is minor in nature.