| Commentary

194.5 Statement of responsibility

| Commentary

194.5 Statement of responsibility

To ensure that directors are fully aware of their responsibilities and to protect their own position in relation to the Panel on Takeovers and Mergers, financial advisers to the offeror or the target may require each director to sign a responsibility statement confirming that he is aware of his responsibilities and that to the best of his knowledge and belief the contents of the relevant document are true. This serves to focus the director’s mind on the accuracy of the offer document and other documents which may be issued during the offer period. The City Code

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