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Practice notes

Practice Notes are issued by the Takeovers Executive to provide informal guidance as to how the Takeovers Executive normally interprets and applies certain provisions of the Codes on Takeovers and Mergers and Share Buy-backs (Codes). They should not, however, be considered as an alternative to consulting the Takeovers Executive as to how the Codes apply to a particular case.

Practice Notes are reviewed by the Takeovers Executive periodically and are revised or withdrawn as appropriate. The following table indicates the topic, the relevant rules of the Codes and the month on which each Practice Note was issued or last revised.

Practice note Topic Relevant rules Issue month
PN1
 
 
 
R28
Sep 2023
PN2
 
 
R10
Mar 2015
PN3
(withdrawn on 31.3.2011)
PN4
 
 
R18.3
Sep 2023
PN5
R12.1
Mar 2014
PN6
R13
Sep 2009
PN7
 
 
R11.1(f)
Mar 2020
PN8
Introduction - Section 6
Dec 2007
PN9
 
 
Definitions, R21, R22, R23, R26, R35
Jul 2018
PN10 Note 1 on dispensations from Rule 26 Jun 2008
PN11 R12.1 Mar 2014
PN12 Note 4 to Rules 3.1, 3.2 and 3.3 Sep 2023
PN13 Note 1 to R3.5 Sep 2008
PN14
(withdrawn since combined with PN2 on 30.09.2013)
PN15 Rule 3.5 and Note 3 to Rule 3.5 Dec2012
PN16
 
 
Definitions Sep 2023
PN17 R25 Sep 2023
PN18
(withdrawn on 13.7.2018)
PN19
 
 
 
Note 8 to R26.1 Sep 2023
PN20
 
 
 
R12 Sep 2023
PN21
 
 
Note 6(a) to R26.1 Sep 2023
PN22
 
 

Paragraph 9 of Schedule II

Note 1 to R8

Sep 2023
PN23 Waivers from the application of Rule 26.1 of the Takeovers Code for De-SPAC Transactions
Rule 26.1 Dec 2021
PN24
Receivers, liquidators and when to commence offer period(s)

Rule 3.7

Note 2 on dispensations from
Rule 26

 Nov 2022
 PN25

Guidance note on the application of the Codes on Takeovers and Mergers and Share Buy-backs (Codes) following the abolition of the Special Regulations and the Mandatory Provisions and other matters relating to offers for A and H shares of a listed issuer (revised on 29.9.2023) 

Marked-up version against March 2023 version

Guidance note on the application of the Codes on Takeovers and Mergers and Share Buy-backs (Codes) following the abolition of the Special Regulations and the Mandatory Provisions and other matters relating to offers for A and H shares of a listed issuer 

All relevant rules

 Sep 2023

 PN26 Guidance Note on the application of the Codes on Takeovers and Mergers and Share Buy-backs relating to treasury shares Definitions and all relevant rules May 2024

Last update: 24 May 2024

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