The Takeover Panel

Disclosure

Significant changes to the disclosure rules of the Takeover Code came into effect on Monday, 19 April 2010.  In summary, the new rules require “opening position disclosures” to be made by any person who is interested in 1% or more of any class of relevant securities of an offeree or offeror company (other than an offeror offering solely cash) following the commencement of an offer period or the identification of the offeror.

Any person who is interested in 1% or more of any class of relevant securities of an offeree or offeror company must disclose any dealings and positions in any relevant securities of the offeree or offeror company, even if their interest in the relevant securities of the company dealt in is less than 1%.

New disclosure forms were introduced with effect from 19 April.

Please see RS2009/1 and the resources below for full details.

Any questions regarding the changes should be addressed to the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129.

The following resources are available in this section:

• Disclosure Table
• Disclosure Forms
• Regulatory Information Services (“RISs”)
• Secondary Information Providers (“SIPs”)
• Rule 8 summary

• Summary of the new disclosure regime
• Deadlines for opening position disclosures and dealing disclosures

In this section

• Disclosure
  • Disclosure Table
  • Disclosure Forms
  • Regulatory Information Services (“RISs”)
  • Secondary Information Providers (“SIPs”)
  • Rule 8 summary