This notice, which comes into force on 12 June 2017, amends the Takeovers Code (Class Exemptions) Notice (No 2) 2001 (the principal notice) to insert 2 new exemptions.

This notice inserts an exemption from rule 44(1)(d)(iii) of the Takeovers Code into the principal notice. Rule 44(1)(d)(iii) requires a takeover offer to contain any additional information that was contained in the takeover notice under rule 41(4) of the Takeovers Code. New clause 25D grants an exemption where any of the additional information is erroneous or outdated, or where it is reasonable to omit any of the additional information in consequence of the omission of other additional information that is erroneous or outdated.

The Takeovers Panel considers it appropriate to grant the exemption in new clause 25D, and considers the exemption to be consistent with the objectives of the Takeovers Code, because the exemption will—

• increase confidence and integrity in the takeovers market by encouraging offerors to include additional information in takeover notices; and

• support an efficient takeovers market by ensuring that erroneous, outdated, and potentially misleading information is not included in takeover offers.

This notice inserts an exemption from rule 44(1)(b) of the Takeovers Code into the principal notice. Rule 44(1)(b) requires an offer to be on the same terms and conditions as those contained in the draft offer document accompanying the takeover notice.

New clause 25E grants an exemption in respect of variations to the terms and conditions contained in the draft offer document accompanying the takeover notice to correct obvious technical errors that are minor in nature.

The Takeovers Panel considers it appropriate to grant the exemption in new clause 25E, and considers the exemption to be consistent with the objectives of the Takeovers Code, because the exemption—

• supports the efficiency of the Takeovers Code by ensuring that takeover notices do not need to be reissued on account of obvious technical errors of a minor nature; and

• overcomes an anomaly in the Takeovers Code that could allow target company directors to not give their prior written approval for a variation to correct an obvious technical error of a minor nature; and

• would be available only in the rare circumstance that target company directors do not give their prior written approval for a variation to correct an obvious technical error of a minor nature.