In May, a number of changes were announced to the
Takeover Code (the Code), one of which is the removal of the
"Residency Test".
The Residency Test essentially meant that the Code only applied
to offers for certain companies which had their registered offices
in the United Kingdom, the Channel Islands or the Isle of Man if
they were also deemed by the Takeover Panel to have their place of
central management and control in one of those three places.
From 30 September 2013, the Residency Test will no longer apply
to those United Kingdom, Channel Islands or Isle of Man registered
companies whose securities are admitted to trading on a
multilateral trading facility in the UK (e.g. AIM or ISDX Growth
Market). As a result, the Code will apply to all such companies
irrespective of where they are managed and controlled.
