Corporates

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Practice Notes are reviewed by the Takeovers Executive periodically and are revised or withdrawn as appropriate.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
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(withdrawn on 31.3.2011)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(withdrawn since combined with PN2 on 30.09.2013)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(withdrawn on 13.7.2018)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
 
 
 
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
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  All relevant rules  Mar 2023

Last update: 17 Mar 2023

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