Chapman Tripp has submitted comments on a Takeovers Panel’s
targeted consultation paper about the 6-month period condition in clauses 5 – 10 of the Takeovers Code
(Class Exemptions) Notice (No 2) 2001.
We strongly recommend the Panel amend the exemption to provide
for a 12-month cure period, as it would reduce costs
and complexity for shareholders, and code companies, and the other the
conditions of the exemptions mean that an extended period could not be
abused. We also consider the exemption should be amended so that shareholders,
and their associates, could have an option of a Top-up with shareholder
Our submission can be viewed here.