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CORPORATE FINANCE

We advise on transactions in the capital markets. Our experience includes IPO’s, secondary offers and takeovers of listed companies governed by the Takeover Code.

One of our partners is a former senior member of the Takeover Panel Executive in London.

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THOUGHTS

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2021 Takeover Code amendments

2021 Takeover Code amendments are being implemented with effect on Monday, 5 July 2021.   These changes are set out in…

Q&A

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What details have to be disclosed in an announcement by a potential bidder confirming it is considering a takeover offer under the Takeover Code?

Q&A The Code requires that: (1) the bidder is named in the announcement; and (2) a 28 day PUSU deadline…

What is the difference between the disclosure requirements for an interest in premium listed shares and standard listed shares?

Q&A Disclosure of premium versus standard listed shares   If the company is a UK issuer (which is often the…

When is a target company required to announce it is in talks with which may lead to a takeover offer under the Takeover Code?

Q&A The short answer is an announcement must be made when if the target company has been approached by a…

Corporate governance rules for AIM companies?

Q&A Under AIM Rule 26, AIM companies must provide details on their website of the recognised corporate governance code that…

Corporate governance rules which apply to a company with a premium listing?

Q&A Under Rule 9.8.6R(5) and (6) the Listing Rules, all companies with a premium listing are required to comply with…

Can a bidder speak to a shareholder in the target company before there has been an announcement disclosing the possibility of a takeover under the Takeover Code?

Q&A In short, the answer is yes, subject to that shareholder being informed they will become an insider (which will…

Disclosing an interest in UK listed shares?

Q&A Normally, the requirement for disclosing an interest in UK listed shares arises when a person acquires a 3% interest…

Companies subject to the Takeover Code?

Q&A Establishing what companies are subject to the Takeover Code is not as straightforward as you may think. You might…

Corporate governance for UK listed companies?

Q&A Determining applicable rules on corporate governance for UK listed companies depends on what market the shares are listed.  Companies…

Disclosure of derivative interests in UK listed shares?

Q&A Disclosure of derivative interests in UK listed shares is required subject to the interest reaching the relevant 1%, 3%…

When must a bidder announce it is considering an offer under the Takeover Code?

Q&A A bidder must announce it is considering an offer under the Takeover Code if: There is rumour or speculation…

Disclosure requirements under section 793 of the Companies Act 2006?

Q&A Disclosure requirements under section 793 of the Companies Act 2006 are triggered when a notice is served under section…

What is a PUSU under the Takeover Code?

Q&A PUSU stands for ‘Put up or Shut up’ – it’s a rule in the Takeover Code which is triggered…