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6 Sep 2013 09:00
Taihua plc
("Taihua" or the "Company")
Notification re UK Takeover Code
Taihua confirms today that as a consequence of changes to the City Code on Takeovers and Mergers (the "Code"), the Company will, from 30 September 2013, now be subject to the Code.
The Company had previously been able to rely on exemption, that as it was operated and managed outside of the UK, the Code did not apply to it. However, this exemption has been removed for companies that are trading on a multilateral trading facility, such as AIM.
The key consequence of this change, is set out in Rule 9 of the Code (mandatory offers) which provides that:
"Except with the consent of the Panel, when:
(a) any person acquires, whether by a series of transactions over a period of time or not, an interest in shares which (taken together with shares in which persons acting in concert with him are interested) carry 30% or more of the voting rights of a company; or
(b) any person, together with persons acting in concert with him, is interested in shares which in the aggregate carry not less than 30% of the voting rights of a company but does not hold shares carrying more than 50% of such voting rights and such person, or any person acting in concert with him, acquires an interest in any other shares which increases the percentage of shares carrying voting rights in which he is interested,
such person shall extend offers, on the basis set out in Rules 9.3, 9.4 and 9.5, to the holders of any class of equity share capital whether voting or non-voting and also to the holders of any other class of transferable securities carrying voting rights. Offers for different classes of equity share capital must be comparable; the Panel should be consulted in advance in such cases."
For more information please contact:
Nicholas Lyth, Taihua plc
0776 990 6686
Katy Mitchell, WH Ireland Limited
+44 161 832 2174
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