New Class Exemption – Voting Agreements for Schemes of Arrangement

Published 21 September 2020

The Panel has granted the Takeovers Code (Voting Agreements for Schemes of Arrangement) Exemption Notice 2020 (the Class Exemption) in respect of voting agreements in relation to schemes of arrangement.

The Class Exemption permits shareholders who wish to commit to voting for or against a scheme to do so, even where this results in a person enforcing the voting commitment to have control  of more than 20% of the voting rights in the Code company. This should remove the need for the previous practice of shareholders providing statements of intention.