Financial and other information
The offeree board circular must contain a description of any known significant change in the financial or trading position of the offeree company which has occurred since the end of the last financial period for which audited accounts, a preliminary statement of annual results, a half-yearly financial report or interim financial information has been published, or provide an appropriate negative statement.
NOTES ON RULE 25.3
Offeree board circular combined with offer document
Where the offeree board circular is combined with the offer document, it will be the responsibility of the offeree board to include the information required by Rule 25.3. Accordingly, the offeror will not be required to comply with Rule 24.3(e) insofar as it applies to Rule 24.3(a)(v).
Offeree board circular published after offer document
Where the offeror has included in the offer document information on the offeree company as required by Rule 24.3(e) insofar as it applies to Rule 24.3(a)(v), such information does not need to be repeated in the offeree board circular provided that the statement made in accordance with Rule 25.3 makes specific reference to the relevant information disclosed by the offeror in the offer document.