The Takeover Code (Concert Parties) Regulations 2008

• Citation: S.I. 2008/3073
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Takeover Code (Concert Parties) Regulations 2008 and come into force 12.00 p.m. on 28th November 2008.

(2) In these Regulations—

(a) “the Takeover Code” means the rules made by the Panel on Takeovers and Mergers under section 943 of the Companies Act 2006 otherwise known as the City Code on Takeovers and Mergers;

(b) “shares” means equity securities within the meaning of section 560 of the Companies Act 2006 and other transferable securities carrying voting rights;

(c) “recapitalisation scheme” means the facility announced by the Chancellor of the Exchequer on 8 October 2008 to make available capital to certain financial institutions in order to strengthen their resources in the interests of financial stability;

(d) “ UKFI ” means UK Financial Investments Limited, company registered number 06720891.

Section 2 Application of Rule 9 of the Takeover Code

(1) For the purposes of Rule 9 of the Takeover Code the following persons are not to be regarded as acting in concert with each other or the Treasury or the Secretary of State or UKFI by virtue of the Treasury holding (through a nominee or otherwise) shares in each of those persons—

(a) a person some or all of the shares in which are held by a nominee of the Treasury or a company wholly owned by the Treasury as a result of the exercise of powers under the Banking (Special Provisions) Act 2008 ;

(b) a person participating in the recapitalisation scheme.

(2) For the purposes of Rule 9 of the Takeover Code, the Treasury, the Secretary of State and UKFI are not to be regarded as acting in concert with each other by virtue of the Treasury’s relationship with, and the Secretary of State’s and UKFI’s functions in relation to, a person listed in paragraph (1)(a) or (b).