RE: MCap 26mill1 Sep 2025 16:48
Technically they should declare at 3%, but no doubt concert parties find means and ways! It's 30% before declaring a takeover which is what I'm interested in, which will be 2.2bn shares, as we stand.
"Generally speaking, an acquisition of a public company will be governed by the Takeover Code if the result would be for the
purchaser and its "concert parties" to control 30% or more of the voting rights of the target. Concert parties include persons
affiliated with the bidder and anyone cooperating with it under any arrangement or understanding to acquire or consolidate
control of the target.
Strictly speaking, where the bidder is a state-owned entity, all other state-owned entities could be concert parties, which could
have significant implications under the Code. The Takeover Panel's consent must be obtained to instead limit the definition of
concert party to the relevant group.
Should a bidder breach the 30% threshold, it will generally be required to make a mandatory takeover offer for all the shares it
does not own. Such offers must be for all cash or have an all cash alternative at a price at least equal to the highest price paid
for shares in the previous 12 months. Such offers may only be subject to a limited a number of conditions which are set out in
the Takeover Code and which usually make a mandatory offer unattractive to a bidder.
Any acquisition no matter how small by any person connected with the bidder (e.g. a member of a concert party or any of its
directors or subsidiaries) that takes the bidder over 30% will trigger a mandatory bid. Accordingly, from the very earliest time,
the bidder must seek to manage the actions of such persons.
In addition to the provisions of the Takeover Code, it is also the case that interests acquired of 3% or more, and any
subsequent acquisition or disposal of a percentage point or more, must be publicly disclosed."
source: addleshaw goddard
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