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Fourteenth edition
11 December 2023

Updated
11 December 2023

Telephone campaigns

Except with the consent of the Panel, campaigns in which shareholders or other persons interested in shares are contacted by telephone may be conducted only by staff of the financial adviser to the offeror or offeree company (as appropriate) who have a thorough understanding of the requirements of, and their responsibilities under, the Code. Only previously published information which remains accurate, and is not misleading at the time it is quoted, may be used in telephone campaigns. Shareholders and other persons interested in shares must not be put under pressure to take action or not to take action in connection with an offer and must be encouraged to consult their professional advisers.

NOTE ON RULE 20.6

Consent to use other callers

The Panel may consent to the use of other callers subject to:

  1. an appropriate script for callers being approved by the Panel;

  2. the financial adviser briefing the callers prior to the start of the campaign and, in particular, emphasising:

    1. that callers must not depart from the script;

    2. that callers must decline to answer questions the answers to which fall outside the information given in the script; and

    3. the requirements of General Principle 1 and Rule 20.1; and

  3. the campaign being supervised by the financial adviser.