CodeWord Issue 44 - June 2017

In this issue

Cost disputes now to be determined by the Panel

Until a recent amendment to the Takeovers Act 1993, rule 49 of the Code provided that target companies, and their directors, were entitled to recover …

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Call scripts, shareholder presentations, slides and other information published or sent to offerees – a reminder to the market

Rule 47(4) provides that an offeror or target company or person acting on behalf of any of them who, in relation to an offer or a takeover notice, pub…

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Date of target company statement

Rule 46 of the Code requires a target company to send a target company statement (“TCS”), but the Code does not specify how to determine the date of t…

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Recent application and interpretation of rules 42A and 42B

During a recent full takeover offer, the Panel was asked to consider whether a conditional right to be issued shares in the future was an ‘equity secu…

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Guidance Notes have been updated

In line with other regulators in the financial markets, the Panel encourages clear, concise and effective drafting. The Guidance Notes for Offer Docum…

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Class exemption notice has been updated

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

New clause 25D grants an exemption from ru…

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