The Takeovers Act 1993 empowers the takeovers panel to grant exemptions from provisions of the Takeovers Code. The Panel may, on terms and conditions as it thinks fit, exempt any person from compliance with any provision of the Code and exempt from compliance any class of persons, any class of transactions, and any class of offers. In this issue of CodeWord the Panel comments on two class exemptions and nine individual exemptions granted this year. One class exemption and three individual exemptions were granted earlier in 2002. These are commented on in CodeWord 5 (May 2002).

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