In February, the Takeovers Panel published a new issue of its Code Word. This issue covers:
- the Takeovers Panel's progress on bringing the panel's proposals involving Code companies, which are effected under Part 13 (amalgamations) or Part 15 (schemes of arrangement) of the Companies Act 1993 into law, an overview of the proposals themselves, an insight into some of the concerns which the Panel's proposals intend to address and a contrast between the Panel's proposals and the schemes process in Australia;
- a broad summary of the two new class exemptions in the Takeovers Code (Class Exemptions – Buybacks and Rule 16(b)) Amendment Notice; and
- a new Guidance Note regarding rule 30 of the Takeovers Code which relates to certain cases where the offeror wishes to vary the terms of the offer, where there have been changes to the capital structure of the target company during the offer period.