Takeover Code—Rule 8—Disclosure of dealings and positions
Takeover Code—Rule 8—Disclosure of dealings and positions

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Takeover Code—Rule 8—Disclosure of dealings and positions
  • Mini-index
  • Rule 8—Setting the scene
  • Rule 8—General
  • Rule 8.1—Disclosure by an offeror
  • Rule 8.3—Disclosure by persons with interests in securities representing 1% or more
  • Rule 8.4—Disclosure by concert parties
  • Note 2 to Rule 8—Timing of disclosure
  • Rule 8—Related Code Rules, Notes and Appendices

Takeover Code—Rule 8—Disclosure of dealings and positions

This Resource Note outlines the main provisions of Rule 8 of The City Code on Takeovers and Mergers (Code), which requires various persons, during an offer period, to make public disclosures, or in certain cases private disclosures to the Panel on Takeovers and Mergers (Panel) only, of their positions or dealings in relevant securities of the parties to the offer. Disclosures are not required to be made in respect of positions or dealings in relevant securities of a cash offeror. It highlights relevant materials, commentary and guidance from the Panel, as well as Lexis®PSL analysis and resources, to give practical guidance on the interpretation and application of Rule 8. Materials covered in this Resource Note include:

  1. Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code

  2. Panel Statements published by the Panel (P/S) and Panel Instruments

  3. Public Consultation Papers (PCP) and Response Statements (RS) published by the Code Committee

  4. Annual Reports published by the Panel containing discussion of general issues (Annual Reports)

  5. relevant Lexis®PSL and LexisLibrary resources

Mini-index

Rule 8—Setting the scene

Rule 8—General

Rule 8.1—Disclosure by an offeror

Rule 8.3—Disclosure by persons with interests in securities representing 1% or more

Rule 8.4—Disclosure by concert parties

Note 2 to

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