Corporate Weekly Highlights- 5 July 2018

Corporate Weekly Highlights- 5 July 2018

This week’s edition of Corporate highlights includes analysis of Panel Statement 2018/8 (Takeover Panel v King) and analysis of Minera Las Bambas SA v Glencore Queensland Limited on the interpretation of a tax indemnity in a share purchase agreement. It also reports on forthcoming changes to the Companies Act 2006 provisions on the restoration of companies, the coming into force of the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 as well as certain provisions of the European Union (Withdrawal) Act 2018. In addition, it considers recent statements issued by each of the Financial Conduct Authority and Her Majesty’s Treasury on financial services regulation and preparation for Brexit.

In this issue:

Public company takeovers

Takeover Panel kicks King’s request for committee hearing into touch

Corporate analysis: Panel Statement 2018/8 is considered, in which the Takeover Panel (Panel) refused a request by Mr David King that the Hearings Committee (Committee) be convened to review a decision of the Executive. The Executive had decided to refuse Mr King’s request for an extension of time to send an offer document to the shareholders of Rangers International Football Club plc (Rangers) pursuant to Rule 24.1 of the City Code on Takeovers and Mergers (Code).

The Executive had previously ruled that Mr King had incurred an obligation under Rule 9 of the Code to make a mandatory offer for Rangers as a result of him and his concert parties controlling voting rights attached to more than 30% of the issued share capital of Rangers. This ruling had been upheld by the Committee and the Takeover Appeal Board.

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