Takeover panel27 Nov 2013 09:12
' Rumour'
when there is a Rumour, im sure there should be an RNS
even though we're not Selling for 7 bloody pence. They can bugger off!!!!
I want 20p min!!!
2.2 WHEN AN ANNOUNCEMENT IS REQUIRED
An announcement is required:
(a) when a firm intention to make an offer is notified to the
board of the offeree company by or on behalf of an offeror, irrespective
of the attitude of the board to the offer;
(b) immediately upon an acquisition of any interest in shares which
gives rise to an obligation to make an offer under Rule 9.1. The
announcement that an obligation has been incurred should not be
delayed while full information is being obtained; additional information
can be the subject of a later supplementary announcement;
(c) when, following an approach by or on behalf of a potential offeror to
the board of the offeree company, the offeree company is the subject of
rumour and speculation or there is an untoward movement in its share
price;
(d) when, after a potential offeror first actively considers an offer but
before an approach has been made to the board of the offeree company,
the offeree company is the subject of rumour and speculation or there
is an untoward movement in its share price and there are reasonable
grounds for concluding that it is the potential offerorʼs actions (whether
through inadequate security or otherwise) which have led to the situation;
(e) when negotiations or discussions relating to a possible offer are
about to be extended to include more than a very restricted number of
people (outside those who need to know in the parties concerned and
their immediate advisers); or
f) when a purchaser is being sought for an interest, or interests, in
shares carrying in aggregate 30% or more of the voting rights of a
company or when the board of a company is seeking one or more
potential offerors, and:
(i) the company is the subject of rumour and speculation or there
is an untoward movement in its share price; or
(ii) the number of potential purchasers or offerors approached is
about to be increased to include more than a very restricted
number of people.