Explanatory note

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Takeovers Code (Trustees of Family Trusts) Exemption Notice 2012 (the principal notice). The principal notice contains a class exemption granted by the Takeovers Panel from rule 6(1) of the Takeovers Code for persons who are or who become trustees of a private family trust. The exemption is available for persons who increase their voting control in a code company as a result of changes to the trust’s trustees.

The amendment inserts a new condition to the effect that the exemption in clause 4(1) of the principal notice does not apply to a person on appointment as a trustee if the person already holds or controls voting rights in the code company before their appointment as a trustee.