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This week’s edition of Corporate highlights includes a News Analysis piece on the ruling in the case of Panel on Takeovers and Mergers v King and the FCA’s release of new and updated Listing Rule technical notes.
Corporate analysis: The Court of Session, in Panel on Takeovers and Mergers v King, has ruled in favour of the Takeover Panel by granting an order to require Mr King to comply with the Panel’s rulings in 2017 that he should make a mandatory offer (rule 9 offer) under the Takeover Code (Code) for all the shares in Rangers International Football Club plc (Rangers) not owned by him or by Messrs Letham, Mr Taylor, and Mr Park (members of his concert party).
On 13 March 2017, the Takeover Appeal Board (TAB) published its decision upholding rulings of the Panel Executive and of the Hearings Committee that Mr King acted in concert with Messrs Letham, Taylor and Park to acquire more than 30% of the voting rights in Rangers and, in consequence, had incurred an obligation under the Code to make a mandatory offer at a price of 20 pence per Rangers share for all of the Rangers shares not already held by Mr King and members of his concert party.
The TAB directed that Mr King announce a rule 9 offer by 12 April 2017. However, Mr King failed to comply and on 13 April 2017 the Takeover Panel commenced proceedings in the Court of Session, Edinburgh under section 955 of the Companies Act 2006 (CA 2006) seeking an order requiring Mr King to comply with its rulings.
The Takeover Panel (as petitioner) sought an order under CA 2006, s 955 ordaining Mr King (the respondent) to announce in accordance with the Code, within 30 days of the date of the court’s order, and thereafter make in accordance with the Code, a mandatory offer at a price of 20p per share for all the issued ordinary share capital of Rangers not already controlled by him, Messrs Letham, Taylor, and Park.
For further information, see News Analysis: Court grants an Order requiring Mr King to make a mandatory offer under the Takeover Code (Panel on Takeovers and Mergers v King).
In October 2017 the FCA published PS17/22: Review of the effectiveness of primary markets: enhancements to the listing regime, which set out a number of changes to the Listing Rules together with new and amended technical notes. These changes came into effect on 1 January 2018.
The following new technical notes have been published:
The following technical notes have been amended:
For further information, see LNB News 03/01/2018 118. For information on the initial consultation see LNB News 14/02/2017 118.
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We have added the following Precedent in our Partnerships topic area:
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