Making documents, announcements and information available to shareholders, persons with information rights and employee representatives (or employees)
If a document, an announcement or any information is required to be sent, published or made available to:
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shareholders in the offeree company;
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employee representatives (or employees) of the offeror or the offeree company,
it must be sent, published or made available (as the case may be) to all such persons, including those who are located outside the United Kingdom, the Channel Islands and the Isle of Man, unless there is sufficient objective justification for not doing so.
NOTE ON RULE 30.4
Shareholders, persons with information rights and employee representatives (or employees) outside the UK, the Channel Islands and the Isle of Man
Where local laws or regulations of a particular jurisdiction outside the United Kingdom, the Channel Islands and the Isle of Man may result in a significant risk of civil, regulatory or, particularly, criminal exposure for the offeror or the offeree company if the information or documentation is sent, published or made available to shareholders in that jurisdiction without any amendment, and unless it can avoid such exposure by making minor amendments to the information being provided or documents being sent, published or made available either:
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the offeror or the offeree company need not provide such information or send, publish or make such information or documents available to registered shareholders of the offeree company or persons with information rights who are located in that jurisdiction if less than 3% of the shares of the offeree company are held by registered shareholders located there at the date on which the information is to be provided or the information or documents are to be sent, published or made available (and there is no need to consult the Panel in these circumstances); or
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in all other cases, the Panel may grant a dispensation where it would be proportionate in the circumstances to do so having regard to the cost involved, any resulting delay to the transaction timetable, the number of registered shareholders in the relevant jurisdiction, the number of shares involved and any other factors invoked by the offeror or the offeree company.
Similar dispensations will apply in respect of information or documents which are sent, published, provided or required to be made available to employee representatives (or employees) of the offeror or the offeree company.
The Panel will not normally grant any dispensation in relation to shareholders, persons with information rights or employee representatives (or employees) of the offeree company who are located within the United Kingdom, the Channel Islands or the Isle of Man.