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Performance Pledges of the Takeovers Team for applications under the Codes and Code-related documents

The Codes on Takeovers and Mergers and Share Buy-backs ("Codes") are administered by the Takeovers Executive.  In 80% of the transactions and applications we aim to meet the following response times. 

Categories Types Time limit for response (unless specified, timing is calculated from the receipt of all information required to make a decision)
Consultations and rulings under sections 6 and 8 of the Introduction to the Codes
Applications for rulings and consultations with the Executive All ruling applications and consultations under the Codes (except for those set out below)

5 business days

If the subject matter involves complex Code issues the time limit will be extended to 21 business days and the applicants will be informed of this

Applications for rulings that are conditional on obtaining shareholders' approval in a general meeting Normally issued within 5 business days before the relevant shareholders' meeting so that the ruling can be based on up-to-date information.
Fast track EFM/EPT applications and EFM/EPT annual confirmations1 10 business days
All other EFM/EPT applications 21 business days
Comments and clearance of announcements & documents under Rule 12 of the Takeovers Code
First draft of firm intention announcement under Rule 3.5 of the Takeovers Code No complex Code issues involved 2 business days
Complex Code issues involved 3 business days – the parties will be informed of the longer time needed
All other announcements (including revised drafts) No complex Code issues involved 1 business day
Complex Code issues involved 3 business days – the parties will be informed of the longer time needed
All drafts of shareholders' documents (including offer documents, offeree board circulars, whitewash circulars, scheme documents, share buy-back circulars) 5 business days

1EFMs and EPTs refer to exempt fund managers and exempt principal traders as defined under the Codes.

The above timeframe assumes that any announcements, documents or ruling applications submitted for our review are in an advanced form.

Last update: 16 Jan 2020

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