CodeWord Issue 26 - May 2010

In this issue

Rule 20 of the Code and Collateral Arrangements in a Takeover

BackgroundA key feature of the Code is that a takeover offer must be made on the same terms and provide the same consideration for all securities belo…

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Guidance Note – Payment of Takeover Consideration in Foreign Currency

The Takeovers Code has no prescriptive rules about the form of consideration that can be offered in a takeover. Consideration can include scrip (e.g.,…

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Calculating the Specified Percentage for a Partial Takeover Offer

The Panel is concerned that market participants may be encountering difficulty with the application of rule 9 of the Code.

A partial offer under the…

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Extension of Offer Period for a Partial Offer

There are potential risks associated with extending the offer period for a partial offer if the offer is likely to become unconditional before the end…

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