Takeover Panel extends scope of jurisdiction to non-UK-based AIM companies

By Iain Butler

More AIM companies are set to become subject to the provisions of the UK Takeover Code at the end of September 2013 as a result of changes published earlier this year.

Companies registered in the UK, Channel Islands or Isle of Man whose shares are admitted to trading on a UK-based multilateral trading facility such as AIM or ISDX’s Growth Market (formerly PLUS Markets), will fall within the scope of the UK Code on Takeovers and Mergers, even if their place of central management and control is overseas, with effect from 30 September 2013.

The change involves the removal of the so-called ‘residency test’ that has meant that AIM companies whose management was based outside the UK (even if they had a registered office in the UK, Channel Islands or Isle of Man) fell outside the jurisdiction of the Takeover Panel until now…

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