THE TAKEOVER PANEL – DISCLOSURE TABLE
18 April 2024 – FINAL
The following are today’s changes to the Disclosure Table:
ADDITIONS
OFFEREE: Hipgnosis Songs Fund Limited
Offer period commenced: 07:00 18-Apr-2024
ordinary ISIN: GG00BFYT9H72 NSI: 1,209,214,286
OFFEROR: Concord Chorus Limited (an entity indirectly controlled by Alchemy Copyrights, LLC, trading as Concord)
Offeror identified: 07:00 18-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
DELETIONS
None
AMENDMENTS
None
DISCLOSURE TABLE
OFFEREE: abrdn European Logistics Income plc
Offer period commenced: 07:00 27-Nov-2023
1p ordinary ISIN: GB00BD9PXH49 NSI: 412,174,356
No named offeror
OFFEREE: Accrol Group Holdings plc
Offer period commenced: 07:00 22-Mar-2024
0.1p ordinary ISIN: GB00BZ6VT592 NSI: 318,878,097
OFFEROR: Navigator Paper UK Limited (an indirect wholly owned subsidiary of The Navigator Company, S.A.)
Offeror identified: 07:00 22-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Advanced Oncotherapy plc
Offer period commenced: 07:00 18-Apr-2023
25p ordinary ISIN: GB00BD6SX109 NSI: 542,573,869
Senior secured fixed rate convertible loan notes 11 January 2024 ISIN: NSI: 6,379,725
No named offeror
OFFEREE: Balanced Commercial Property Trust Limited
Offer period commenced: 07:00 15-Apr-2024
1p ordinary ISIN: GG00B4ZPCJ00 NSI: 701,550,187
No named offeror
OFFEREE: Benchmark Holdings plc
Offer period commenced: 07:00 22-Jan-2024
0.1p ordinary ISIN: GB00BGHPT808 NSI: 739,551,970
No named offeror
OFFEREE: Centaur Media plc
Offer period commenced: 12:53 10-Apr-2024
10p ordinary ISIN: GB0034291418 NSI: 146,860,047
OFFEROR: Waterland Private Equity Investments B.V.
Offeror identified: 12:53 10-Apr-2024
Rule 2.6 deadline: 17:00 08-May-2024
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Cykel AI plc
Offer period commenced: 08:00 19-Jan-2024
0.1p ordinary ISIN: GB00BPTJZN05 NSI: 205,183,350
Warrants 1p 25/10/2026 ISIN: NSI: 48,000,000
Warrants 3p 25/10/2028 ISIN: NSI: 11,385,170
OFFEROR: Mustang Energy plc
Offeror identified: 08:00 19-Jan-2024
Rule 2.6 deadline: 17:00 10-May-2024
0.1p ordinary ISIN: GB00BJ9MHH56 NSI: 12,161,966
Warrants 30p 15/11/2024 ISIN: NSI: 636,986
Unsecured Convertible Loan Notes 31/5/24 ISIN: GBP: 200,000
OFFEREE: Equals Group plc
Offer period commenced: 13:39 01-Nov-2023
1p ordinary ISIN: GB00BLS0XX25 NSI: 187,627,898
OFFEROR: Madison Dearborn Partners, LLC
Offeror identified: 13:39 01-Nov-2023
Rule 2.6 deadline: 17:00 15-May-2024
Disclosure of dealings and positions in this offeror is not required
OFFEROR: A consortium comprising Embedded Finance Limited and TowerBrook Capital Partners (U.K.) LLP
Offeror identified: 09:57 20-Mar-2024
Rule 2.6 deadline: 17:00 15-May-2024
Disclosure of dealings and positions in this offeror is not required
OFFEREE: FireAngel Safety Technology Group plc
Offer period commenced: 07:02 06-Jun-2023
2p ordinary ISIN: GB0030508757 NSI: 302,321,822
Warrant 3p June 2026 ISIN: NSI: 60,355,529
OFFEROR: Intelligent Safety Electronics Pte. Ltd (a company incorporated in Singapore and wholly-owned by Siterwell Electronics Co., Ltd)
Offeror identified: 07:00 27-Oct-2023
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Gama Aviation plc
Offer period commenced: 17:36 12-Mar-2024
1p ordinary ISIN: GB00B3ZP1526 NSI: 64,021,279
OFFEROR: Marwan Khalek and Bermesico Holdings Limited
Offeror identified: 17:36 12-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: GCP Asset Backed Income Fund Limited
Offer period commenced: 07:00 13-Dec-2023
NPV ordinary ISIN: JE00BYXX8B08 NSI: 425,626,059
No named offeror
OFFEREE: Gresham Technologies plc
Offer period commenced: 07:00 09-Apr-2024
5p ordinary ISIN: GB0008808825 NSI: 83,874,458
OFFEROR: Alliance Bidco Ltd (a company owned indirectly by funds managed or advised by STG Partners, LLC)
Offeror identified: 07:00 09-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Hipgnosis Songs Fund Limited
Offer period commenced: 07:00 18-Apr-2024
ordinary ISIN: GG00BFYT9H72 NSI: 1,209,214,286
OFFEROR: Concord Chorus Limited (an entity indirectly controlled by Alchemy Copyrights, LLC, trading as Concord)
Offeror identified: 07:00 18-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: International Distributions Services plc
Offer period commenced: 11:33 17-Apr-2024
1p ordinary ISIN: GB00BDVZYZ77 NSI: 958,293,475
OFFEROR: EP Corporate Group a.s.
Offeror identified: 11:33 17-Apr-2024
Rule 2.6 deadline: 17:00 15-May-2024
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Jaywing plc
Offer period commenced: 07:00 04-Mar-2024
5p ordinary ISIN: GB00BF5KDY46 NSI: 93,332,595
No named offeror
OFFEREE: Kin and Carta plc
Offer period commenced: 07:03 18-Oct-2023
10p ordinary ISIN: GB0007689002 NSI: 177,931,360
OFFEROR: Ken Bidco Limited (a newly formed company controlled by funds advised by BC partners)
Offeror identified: 16:04 19-Dec-2023
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Lakes Distillery Company plc, The (See Note 9 below)
Offer period commenced: 09:00 02-Apr-2024
2p ordinary ISIN: NSI: 37,894,799
OFFEROR: Nyetimber Wines and Spirits Group Limited
Offeror identified: 09:00 02-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Lok’n Store Group plc
Offer period commenced: 07:00 11-Apr-2024
1p ordinary ISIN: GB0007276115 NSI: 32,897,949
OFFEROR: Shurgard Self Storage Ltd
Offeror identified: 07:00 11-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Mattioli Woods plc
Offer period commenced: 07:00 08-Mar-2024
1p ordinary ISIN: GB00B0MT3Y97 NSI: 51,961,478
OFFEROR: Tiger Bidco Limited (a wholly-owned subsidiary of investment vehicles advised and managed by Pollen Street Capital Limited)
Offeror identified: 07:00 08-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: musicMagpie plc
Offer period commenced: 07:00 20-Nov-2023
1p ordinary ISIN: GB00BKY4XG48 NSI: 107,808,287
No named offeror
OFFEREE: Network International Holdings plc
Offer period commenced: 14:05 13-Apr-2023
10p ordinary ISIN: GB00BH3VJ782 NSI: 532,748,593
OFFEROR: BCP VI Neptune Bidco Holdings Limited (an entity indirectly owned by Brookfield Business Partners together with private equity funds managed and/or advised by affiliates of Brookfield Asset Management Ltd)
Offeror identified: 07:00 21-Apr-2023
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Redrow plc
Offer period commenced: 07:01 07-Feb-2024
10.5p ordinary ISIN: GB00BG11K365 NSI: 330,770,245
OFFEROR: Barratt Developments plc
Offeror identified: 07:01 07-Feb-2024
Rule 2.6 deadline: N/A
10p ordinary ISIN: GB0000811801 NSI: 974,592,261
OFFEREE: Renalytix plc
Offer period commenced: 07:00 04-Mar-2024
0.25p ordinary ISIN: GB00BYWL4Y04 NSI: 126,219,016
ADS ISIN: US75973T1016
No named offeror
OFFEREE: Revolution Bars Group plc
Offer period commenced: 07:00 26-Mar-2024
0.1p ordinary ISIN: GB00BVDPPV41 NSI: 230,048,520
No named offeror
OFFEREE: Shanta Gold Limited
Offer period commenced: 07:01 20-Dec-2023
0.01p ordinary ISIN: GB00B0CGR828 NSI: 1,051,467,684
OFFEROR: Saturn Resources Ltd (a newly formed company wholly-owned by ETC Holdings (Mauritius) Limited)
Offeror identified: 07:01 20-Dec-2023
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: SmartSpace Software plc
Offer period commenced: 07:00 12-Dec-2023
10p ordinary ISIN: GB00BYWN0F98 NSI: 28,941,234
OFFEROR: Welcome UK Bidco Limited (a wholly-owned subsidiary of Sign in Solutions Inc.)
Offeror identified: 07:00 22-Jan-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Smith (DS) plc
Offer period commenced: 10:16 08-Feb-2024
10p ordinary ISIN: GB0008220112 NSI: 1,379,021,171
OFFEROR: Mondi plc
Offeror identified: 10:16 08-Feb-2024
Rule 2.6 deadline: to be determined
EUR 0.22 ordinary ISIN: GB00BMWC6P49 NSI: 441,412,530
OFFEROR: International Paper Company
Offeror identified: 17:30 26-Mar-2024
Rule 2.6 deadline: N/A
common stock ISIN: US4601461035 NSI: 347,323,080
OFFEREE: Spirent Communications plc
Offer period commenced: 07:00 05-Mar-2024
3 1/3p ordinary ISIN: GB0004726096 NSI: 578,646,363
ADR ISIN: US84856M2098
OFFEROR: Viavi Solutions Acquisitions Limited (a company indirectly owned by Viavi Solutions Inc.)
Offeror identified: 07:00 05-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEROR: Keysight Technologies Inc.
Offeror identified: 07:00 28-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: STM Group plc
Offer period commenced: 07:00 11-Jul-2023
0.1p ordinary ISIN: IM00B1S9KY98 NSI: 59,408,088
OFFEROR: Jambo SRC Limited
Offeror identified: 07:00 11-Jul-2023
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: TClarke plc
Offer period commenced: 07:00 16-Apr-2024
10p ordinary ISIN: GB0002015021 NSI: 52,850,780
OFFEROR: Regent Acquisitions Limited
Offeror identified: 07:00 16-Apr-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: UK Commercial Property REIT Limited
Offer period commenced: 18:57 09-Feb-2024
25p ordinary ISIN: GB00B19Z2J52 NSI: 1,299,412,465
OFFEROR: Tritax Big Box REIT plc
Offeror identified: 18:57 09-Feb-2024
Rule 2.6 deadline: N/A
1p ordinary ISIN: GB00BG49KP99 NSI: 1,903,738,325
OFFEREE: Virgin Money UK plc
Offer period commenced: 07:00 07-Mar-2024
10p ordinary ISIN: GB00BD6GN030 NSI: 1,296,472,686
CDI ISIN: AU0000064966
OFFEROR: Nationwide Building Society
Offeror identified: 07:00 07-Mar-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
OFFEREE: Wincanton plc
Offer period commenced: 07:00 19-Jan-2024
10p ordinary ISIN: GB0030329360 NSI: 124,543,670
OFFEROR: GXO Logistics, Inc.
Offeror identified: 07:10 26-Feb-2024
Rule 2.6 deadline: N/A
Disclosure of dealings and positions in this offeror is not required
Notes:
1. Rule 8 of the Takeover Code (the “Code”) sets out the circumstances in which Dealing Disclosures and/or Opening Position Disclosures are required to be made by the parties to an offer, persons acting in concert with them, persons with an interest in relevant securities of 1% or more and exempt principal traders (“EPTs”) connected with the parties to an offer.
2. Where an offeror is marked “Disclosure of dealings and positions in this offeror is not required”, dealings and positions in relevant securities of that offeror are not required to be disclosed under Rule 8. This is either because it has been announced that the offer or possible offer is, or is likely to be, solely in cash or because disclosure is not required for some other reason.
3. Dealings and positions required to be disclosed under Rule 8 of the Code include dealings and positions in derivatives referenced to, and options in respect of, relevant securities of an offeree company and, where appropriate, an offeror (see Note 2 above).
4. The information set out in the Disclosure Table relating to the relevant securities in issue of an offeree company or of an offeror (and any amendments thereto) has been extracted from the relevant announcement made by such company under Rule 2.9 of the Code. Similarly, details of any deadline set under Rule 2.6 by which a potential offeror must announce either a firm intention to make a bid or that it does not intend to make an offer (or, in the case of Rule 2.6(a), by which the Panel must consent to an extension of the deadline) has been extracted from the relevant announcement made by the offeree company.
5. Additions and deletions of offeree companies and offerors are reflected in the Disclosure Table throughout the day, following the relevant announcement. Other amendments may also be made throughout the day. In any event, details of the classes of relevant securities issued by an offeree or offeror company, the number of such securities in issue (“NSI”) and the International Securities Identification Number (“ISIN”) of such securities announced under Rule 2.9 of the Code before 5.00 pm each day will be included in the final version of the Disclosure Table by 5.30 pm that day. The final version of the Disclosure Table issued each day will be marked “Final” and persons required to make Dealing Disclosures and Opening Position Disclosures are advised to use that final version. Any changes to a potential offeror’s Rule 2.6 deadline will also be reflected in the “Final” version of the Disclosure Table, although any such changes will not be shown in the “Amendments” section at the top of the Disclosure Table.
6. Dealing Disclosures by the parties to an offer, persons acting in concert with them and connected EPTs must be made by no later than 12 noon on the business day (as defined in the Code) following the date of the relevant dealing and Dealing Disclosures by persons with an interest in relevant securities of 1% or more must be made by 3.30 pm on the business day following the date of the relevant dealing.
7. Opening Position Disclosures by the parties to an offer and by connected EPTs must be made by no later than 12 noon on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Where required, Opening Position Disclosures by persons with interests in relevant securities of 1% or more must be made by no later than 3.30 pm on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Details of the time and date at which an offer period commenced and at which an offeror was first identified are set out in the Disclosure Table. In order to calculate the deadline for Opening Position Disclosures, it is therefore necessary to count forward 10 business days from the relevant date.
8. Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code must be made to a Regulatory Information Service (“RIS”).
9. This Note is applicable if it says “See Note 9 below” by the name of the company in the Disclosure Table above. The Executive has granted the company a dispensation from the requirements under the Code that announcements must be published via a RIS. The company is instead required to publish all announcements on its website. The Executive has also granted a dispensation from Note 3 on Rule 8 of the Code that disclosures made under Rule 8 of the Code must be made to a RIS. Therefore, Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code may be made to the company at the address stated in the announcement that commenced the offer period.
10. The following are approved Regulatory Information Services:  
  Business Wire Regulatory Disclosure provided by Business Wire +44 (0)20 7626 1982
  GlobeNewswire provided by GlobeNewswire UK Limited +44 (0)20 3753 2071
  PR Newswire Disclose provided by Cision Group Ltd +44 (0)20 7454 5210
  RNS provided by the London Stock Exchange +44 (0)20 7797 4400
  EQS COCKPIT provided by EQS Group AG +44 (0)20 3141 3940

Download in Excel | Download in CSV | Download in XML | Download XSD Schema File
Rule 8 Summary