In November the Takeovers Panel released a new basic guide for shareholders on the Takeovers Code as well as seven fact sheets. The guide is aimed at assisting shareholders in Code companies to understand how the Code protects their rights and to explain what happens when a "change of control" occurs.

The topics covered by the fact sheets include:

  • takeover offers (the offer price; the offer period and partial takeover offers);
  • share buybacks;
  • share allotments (having new shares allotted by the company);
  • share acquisitions (buying a parcel of shares from a shareholder); and
  • compulsory acquisitions.

A copy of the guide is available here and the fact sheets are available here.