Published 1 November 2006
The transitional provisions mean that the new laws will have no impact on persons or entities that acquired securities before the commencement of the new provisions, in a company that becomes a Code company under the amendments. In addition, any acquisition of securities in such a Code company after the commencement of the new provisions is not required to be made in compliance with the new laws if it is made in performance of a contractual obligation, or by exercising a right acquired, before the new provisions came into effect.
Similarly, offences against the Takeovers Act and contraventions of the Code that were committed or done before the commencement of the new provisions will be dealt with under the Takeovers Act and the Code as they were prior to being amended.
Outside of these specified transitional arrangements, the Code and the Takeovers Act, as amended, have full effect for any Code-related event or transaction that occurs on or after 25 October 2006.