Summary of exemptions from the Code to address COVID-19 impact

Published 28 March 2020

On 26 March 2020, the Takeovers Panel announced that it had approved the granting of a suite of temporary class exemptions from the Takeovers Code that are aimed at assisting Code companies in raising capital. These exemptions will apply to capital raisings conducted on or before 31 October 2020, unless extended further.

The exemptions, while approved, will come into force only once an exemption notice has been finalised in accordance with the Takeovers Act 1993. The timing of the exemptions is not currently clear, although the Panel is working to grant the exemptions as soon as possible.

Ordinarily, the Panel would wait for the terms of the exemption notice to be final before commenting on them. However, the Panel is conscious that there are a number of transactions which are currently being considered. As a result, the Panel wishes to keep market informed as to the nature of the exemption relief which has been approved so that it can be factored into the planning of transaction structures.

Accordingly, the Panel has published the following summary of the exemptions to assist in the planning of capital raisings.

Key terms of exemptions

We set out below a summary of the terms on which the Panel has granted the exemptions. Please note that this is a summary only and is subject to the final drafting of the exemption notice itself.


The Panel will advise market practitioners on when the exemption is likely to come into effect. Code companies and their legal advisers are encouraged to contact the Panel executive with any questions.


Media Contact

Andrew Hudson, Chief Executive


DDI: +644 815 8452   M: +64 21 815401

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