Publication of investment analysts’ forecasts on websites

1. Where, during the offer period, the offeree company or a securities exchange offeror publishes on its website profit forecasts relating to it that are derived from investment analysts’ forecasts, the forecasts on the website must be based on all forecasts provided by investment analysts who have published such forecasts, excluding:

   1. any forecasts which pre-date the publication of the company’s latest preliminary statement of annual results or half-yearly financial report (as appropriate); and

   2. any forecasts by investment analysts whose employer is controlled by, controls or is under the same control as any party to the offer or a connected adviser to any party to the offer.

2. In addition to the exclusions in paragraph (a), an investment analyst’s forecast may exceptionally be excluded from the forecasts on the company’s website if it is wholly anomalous or has been prepared on a wholly different basis from that of the other investment analysts.

3. Except with the consent of the Panel, the following requirements must be complied with (failing which, all investment analysts’ forecasts must be removed from the website upon the commencement of the offer period):

   1. for each line in respect of which forecasts are published on the website, the highest and lowest figures forecast by any investment analyst must be stated, together with the arithmetic mean of all investment analysts’ forecasts (a “consensus forecast”);

   2. the name of each organisation whose forecasts have been included in the calculation of the consensus forecast, and the dates of the forecasts, must be stated;

   3. if any analyst’s forecast has been excluded from the calculation of the consensus forecast, the name of the organisation, the date of the forecast and the reason for its exclusion, must be stated;

   4. during the offer period, the relevant section of the website must be kept up-to-date by including any new forecasts promptly after their publication and promptly excluding any forecasts which pre-date the publication of the latest preliminary statement of annual results or half-yearly financial report; and

   5. it must be prominently stated that the investment analysts’ forecasts are not endorsed by the company and that they have not been reviewed or reported on in accordance with the requirements of Rule 28.1(a).

4. Subject to Rule 28.8, any reference to or quotation from a consensus or other third party forecast, other than publishing investment analysts’ forecasts on a website in accordance with the requirements of this Rule 28.7, will be subject to Note 6 on Rule 28.1.