The Takeovers Panel (Panel) has recently
released a Consultation Paper for the Guidance Note
(GN) on Shareholder Intention Statements.
Shareholder Intention Statements can, if not carefully made,
contravene the misleading statement provisions, cause a person to
unlawfully acquire a relevant interest in excess of the 20%
takeover threshold, and give rise to a declarations by the Panel of
'unacceptable circumstances'.
The draft GN has been prepared in an attempt to seek to address
ambiguities that can cause shareholder intention statements to
result in such issues.
In this Alert, Partner Nicole Radice, and Senior Associates
Emily Ackland and Katherine Hammond, outline six key points from
the draft GN which those involved in the preparation of takeover
documents and persons making shareholder intention statements
should be aware of, and also describe the consultation process.
