Takeover Code Update: Companies Subject To The Takeover Code

Following a consultation commenced last year (PCP 2012/3), the Panel has amended the "Introduction" to the Code with effect from 30 September 2013.
 
Companies which have their registered office in the United Kingdom, the Channel Islands or the Isle of Man were, and remain, subject to the Code if their securities are admitted to trading on a "regulated market" (such as the UK Official List) in the United Kingdom or on any stock exchange in the Channel Islands or the Isle of Man.
 
However, whether a United Kingdom, Channel Islands or Isle of Man company whose shares were traded on AIM or ISDX would be subject to the Code depended on whether, in the view of the Panel, the place of central management and control of the company was in the United Kingdom, the Channel Islands or the Isle of Man (the "residency test").  The "residency test" also applied to United Kingdom, Channel Islands and Isle of Man companies which were unlisted public companies or a private