On 20 June 2021, the Panel granted the Takeovers Code (Catalist Public Market Issuers) Exemption Notice 2021, a class exemption from rule 6(1) of the Code for allotments, acquisitions and buybacks relating to certain companies listed on the new licensed equity securities market operated by Catalist Markets Limited (respectively, the Class Exemption and Catalist Market). 

The Catalist Market is targeted at small growth companies with the purpose of facilitating the primary issuance and secondary market trading of debt, equity, and managed products.

The Panel granted the Class Exemption to help reduce the regulatory compliance costs for issuers on the Catalist Market. In general terms, the Class Exemption applies to companies which are “Code companies” solely by virtue of being listed on the Catalist Market, but that were not Code companies immediately before listing on the Catalist Market and have fewer than 50 shareholders and 50 share parcels and/or are not at least “medium-sized” as defined in rule 3A(3A) of the Code.

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