All AIM-listed (Alternative Investment Market) companies registered in the Isle of Man, United Kingdom and the Channel Islands (relevant territories) are now (30 Sept) subject to the United Kingdom’s Takeover Code.
This is seen as a significant change. Currently, such companies are subject to a residency test which means that if their place of central management and control is outside of the relevant territories, they are not within the Code’s jurisdiction.
There will be no transitional arrangements or grandfathering for transactions that straddle 30 September. Any subsisting offer made prior to 30 September will become subject to the Code on that date.
Directors of affected companies will need to familiarise themselves with their obligations and responsibilities under the Code.
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