04 May 2013

Changes to the Takeover Code and the application of the residency test

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Corporate briefing note

On Wednesday 15 May, the Code Committee of the Takeover Panel published its Response Statement (RS 2012/3) to its consultation on Companies subject to the Takeover Code (PCP 2012/3).

This removes the residency test for companies which have their registered office in the UK, the Channel Islands or the Isle of Man and have any of their securities admitted to trading on a multilateral trading facility in the UK. So AIM companies with a registered office in the UK, the Channel Islands or the Isle of Man, currently not falling within the remit of the Code as their place of central management and control is not in those jurisdictions, will become subject to the Code on Monday 30 September 2013. The revised Code will apply to on-going transactions straddling that date.

In this briefing we discuss the key changes to the Code and explain the action that relevant companies, shareholders and others should consider taking.

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KEY CONTACT

Tom Nicholls

Tom Nicholls
Partner

T:  +44 20 7809 2555 M:  +44 7843 517 965 Email Tom | Vcard Office:  London