The Takeovers Panel has issued a reminder that companies taking advantage of the exclusions from disclosure to raise capital under the implementation of Phase 1 of the Financial Markets Conduct Act 2013 need to be aware that they could become, or may already be, subject to the Takeovers Code.

The Panel points out that it is “not averse to companies deciding to structure their holdings so that they do not fall under the definition of “code company”, provided that the structuring is undertaken in a manner that complies with the Takeovers Code.”

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