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Practice Notes are reviewed by the Takeovers Executive periodically and are revised or withdrawn as appropriate.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
|
Dec2016
|
PN2 |
|
R10
|
Mar 2015
|
PN3 |
(withdrawn on 31.3.2011)
|
||
PN4 |
R18.1
|
Sep 2007
|
|
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 2017 | |
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(withdrawn since combined with PN2 on 30.09.2013)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 | Mar 2014 | |
PN17 | R25 | Jun 2009 | |
PN18 |
(withdrawn on 13.7.2018)
|
||
PN19 |
|
Note 8 to R26.1 | Sep 2019 |
PN20 |
Marked-up version against June 2019 version Marked-up version against Sept 2018 version Marked-up version against March 2017 version |
R12 | Oct 2020 |
PN21 | Note 6(a) to R26.1 | Mar 2016 | |
PN22 |
Paragraph 9 of Schedule II Note 1 to R8 |
Dec 2018 | |
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 |
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 | All relevant rules | Mar 2023 |
Last update: 17 Mar 2023