Statement of reasons
This notice inserts new clauses 25A and 25B into the principal notice. New clauses 25A and 25B grant new exemptions from compliance with rule 6(1) of the Takeovers Code covering intra-group transactions where the group is headed by a natural person or by a number of persons including at least 1 natural person. Such transactions are not covered by the existing exemption covering intra-group transactions in clause 25 of the principal notice, which relates only to groups headed by a body corporate.
The Takeovers Panel considers that the new exemptions are appropriate because they facilitate normal intra-group transactions. The exemptions are consistent with the objectives of the Takeovers Code because the attaching conditions ensure that there is no change in the ultimate control of the voting rights.