Changes to the Takeover Code and the application of the residency test

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The Code Committee of the Takeover Panel has published its response statement (RS 2012/3) to its consultation Companies subject to the Takeover Code (PCP 2012/3).

The key change is that the residency test will be removed for companies that have their registered office in the UK, the Channel Islands or the Isle of Man and that have any of their securities admitted to trading on a multilateral trading facility (MTF) in the UK.

This means that AIM companies with a registered office in the UK, the Channel Islands or the Isle of Man, currently not falling within the remit of the code as their place of central management and control is not in those jurisdictions, will become subject to the code…

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Ali – please set live and then backdate to May 2013