Corporate weekly highlights—11 January 2018

Corporate weekly highlights—11 January 2018

This week’s edition of Corporate highlights includes news of the registration of AIM as an SME growth market and the Takeover Panel’s revised Takeover Code and Practice Statement 28 and its new Practice Statement 32.

Equity Capital Markets

AIM registered as SME growth market

AIM has been registered as an SME growth market with effect from 3 January 2018. The SME growth market designation was introduced by the EU Markets in Financial Instrument Directive 2014/65/EU(MiFID II). Minor amendments to the AIM rules for companies were required as a consequence of AIM becoming an SME growth market. Rule 26 (company information disclosure) has been amended to provide that certain regulatory information (a prospectus, annual financial reports, half-yearly reports and all inside information disclosed pursuant to the Market Abuse Regulation) must be available for a period of at least five years on an AIM company’s website. A revised set of AIM rules for companies is available on the London Stock Exchange’s website.

For further information, see LNB News 04/01/2018 87 and LNB News 05/12/2017 134.

Public Company Takeovers

Takeover panel publishes revised Takeover Code and Practice Statement 28 and new Practice Statement 32

The Takeover Panel (Panel) has published a new edition of the Takeover Code (Code). The changes principally reflect the amendments introduced by RS 2017/1 and RS 2017/2. The revised Code also includes minor amendments to the definitions of ‘multilateral trading facility’ and ‘regulated market’ and amend the document charges appendix to provide that if the Panel agrees to waive the requirement for a general offer under Rule 9 in accordance with Note 5(c) of the Notes on dispensations from Rule 9, a charge will be payable and will be calculated on the same basis as if a whitewash document had been published. Consequential changes have also been made to Practice Statement 28 (Rules 2.8 and 35.1—entering into talks during a restricted period), to reflect the changes

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