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Briefs
Takeover Code revisions to take effect
14th September 2011
On 5 September 2011, the Takeover Panel announced that recent amendments to the Takeover Code will take affect from the expected date of Monday 19 September 2011.
The amendments, which were the subject of lengthy consultations following Kraft's controversial £11.4 billion hostile takeover of Cadbury, focus on the following issues:
- the naming and deadline of virtual bids
- prohibition of deal protection
- target board opinion on an offer
- disclosure of advisor's fees
- disclosure of bid financing and historical financial information
- disclosure of intentions regarding the target company and its employees
- greater rights for employee representatives
The Takeover Panel have also announced that from 19 September there will be a Disclosure Table available, which gives details of the deadline (if any) by which a potential offeror is required to announce a firm intention to make an offer or that it does not intend to make an offer, under the new rule 2.6.
For background on these amendments, please click here to read a news story about the most recent consultation. We are also planning to produce a more detailed analysis of the changes and how it could affect quoted companies.
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Events
Corporate Governance Roundtable
The Quoted Companies Alliance and Capita Company Secretarial Services are pleased to annouce the next roundtable discussion in its bi-annual programme for directors and company secretaries of smaller Main Market and AIM companies.
Directors' Lunch Club 2012
The QCA Directors' Lunch Club provides an open discussion on current market issues from a varied selection of experienced speakers. There will be six lunches throughout the year all taking place at the head office of Coutts & Co in London.
Guides
Corporate Governance Guidelines for Smaller Quoted Companies (September 2010) - Downloadable PDF
This guide supersedes the QCA's Corporate Governance Guidelines for AIM Companies (February 2007) and Guidance for Smaller Quoted Companies - The Combined Code on Corporate Governance (August 2004). It has been updated to incorporate recent revisions to the UK Corporate Governance Code and to make these guidelines relevant to AIM and PLUS quoted companies, as well as standard listed companies. This is a downloadable PDF.
Corporate Governance Guidelines for Smaller Quoted Companies (September 2010)
This guide supersedes the QCA's Corporate Governance Guidelines for AIM Companies (February 2007) and Guidance for Smaller Quoted Companies - The Combined Code on Corporate Governance (August 2004). It has been updated to incorporate recent revisions to the UK Corporate Governance Code and to make these guidelines relevant to AIM and PLUS quoted companies, as well as standard listed companies.