RE: China28 Jul 2021 11:18
Hi Stu, there's a lot of info here that seems applicable. I'm not sure if Aim are exempt from these rules though.
Requirement to make an announcement
An announcement may be required before a bidder has formed a firm intention to make an offer, including:
Where there is an acquisition which gives rise to an obligation to make a mandatory offer under Rule 9 (see Question 16).
Where the target company is the subject of rumour and speculation or there is an untoward movement in its share price.
When negotiations or discussions relating to a possible offer are about to be extended to include more than a very restricted number of people (that is, six institutions other than the parties to the offer, their immediate advisers and their employee representatives) (Rule 2.2, Code).
The announcement must identify any potential bidder with which the target company is in talks or from which an approach has been received (and not unequivocally rejected). Except following the announcement of a firm intention to make an offer, any subsequent announcement by the target company referring to the existence of a new potential bidder must identify that bidder.
Once a bidder has formed a firm intention to make an offer, it (or its advisers) must notify the target board (or its advisers) (Rule 1, Code). Having made that notification, an announcement must be made by a bidder irrespective of the attitude of the target board to the offer (Rule 2.2(a), Code).
A bidder must announce a firm intention to make an offer only after careful consideration and when it has every reason to believe that it will be able to implement the offer. Following such an announcement, the bidder must proceed to make the offer unless it is permitted to invoke a pre-condition to the making of the offer (Rule 2.7, Code).
An announcement of a firm intention to make an offer must include, among other things:
The terms of the offer.
The identity of the bidder.
All conditions or pre-conditions of the offer.
A cash confirmation.
https://uk.practicallaw.thomsonreuters.com/8-502-2187?transitionType=Default&contextData=(sc.Default)&firstPage=true#co_anchor_a775230