The Takeover Code

Practice Statements

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1. Practice Statement No 2. Rule 21.3 – Site visits and meetings with management
2. Practice Statement No 5. Rule 13.5 – Invoking conditions and pre-conditions
3. Practice Statement No 10. Cash offers financed by the issue of offeror securities
4. Practice Statement No 11. Working capital requirements in cash and securities exchange offers
5. Practice Statement No 19. Rule 19.3 – Unacceptable statements
6. Practice Statement No 20. Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities
7. Practice Statement No 21. Rule 3 – Independent advice
8. Practice Statement No 22. Irrevocable commitments, concert parties and related matters
9. Practice Statement No 24. Rule 15 – Convertible securities, options and subscription rights
10. Practice Statement No 25. Debt syndication during offer periods
11. Practice Statement No 26. Shareholder activism
12. Practice Statement No 28. Rules 2.8 and 35.1 – Entering into talks during a restricted period
13. Practice Statement No 29. Rule 21.2 – Offer-related arrangements
14. Practice Statement No 30. Rule 21.3 – Information required for the purpose of obtaining regulatory consents
15. Practice Statement No 31. Strategic reviews, formal sale processes and other circumstances in which a company is seeking potential offerors
16. Practice Statement No 32. Rule 21.1 – Application following the unequivocal rejection of an approach
17. Practice Statement No 33. Purchases of shares in the offeree company by an offeror during an offer period