Profit estimates
Rule 28.1 does not apply to a profit estimate included in:
-
a preliminary statement of annual results which complies with the relevant provisions of the FCA Handbook;
-
a half-yearly financial report which complies with the relevant provisions of the FCA Handbook, the AIM Rules for Companies or the AQSE Growth Market Rules for Issuers; or
-
an interim management statement, or other interim financial information, which is published by virtue of a regulatory requirement and which has been prepared in accordance with the reporting framework set out in International Accounting Standard 34.
NOTES ON RULE 28.5
Preliminary statements of annual results
Where an unaudited preliminary statement of annual results is published by an offeree company or a securities exchange offeror whose securities are admitted to trading on a recognised investment exchange but to which the relevant provisions of the FCA Handbook do not apply, the Panel may nonetheless treat the exemption from the requirements of Rule 28.1 as applying if it is satisfied that the statement complies with the substance of those provisions.
Other circumstances in which a dispensation may be granted
Where an offeree company or a securities exchange offeror publishes, or has published, a profit estimate in accordance with a regulatory requirement which does not qualify for an exemption under Rule 28.5, the Panel may, in appropriate circumstances, grant a dispensation from the requirements of Rule 28.1 (for example, where an overseas company prepares a half-yearly financial report under a framework equivalent to that in IAS 34 and consistent with that which it adopts for its statement of annual results). The Panel should be consulted in such cases.