Note of Share Plan Lawyers meeting with the Takeover Panel on 7 October 2009 summarising in particular the points of clarification which the Takeover Panel agreed to consider in the Course of the meeting with SPL. including:

  1. Consultation paper issued by the Code Committee of the Takeover Panel on 16 July 2009 setting out proposed amendments/revisions to various rules of the Takeover Code.
  2. SPL response dated 25 September 2009 responding in particular to Question 2 of the Consultation Document which sets out amendments in relation to Rule 16.

Note on the treatment of Qualifying Employee Share Trusts (QUESTs) on a takeover or other change of control including consideration of:

Letter from Nic Clarke at HMRC dated 25 January 2007 which sets out the HMRC view on the availability of a corporation tax deduction for option exercises following a business sale (e.g a TUPE transfer).

Letter from the Inland Revenue dated 18 November 2004 confirming whether the transferee or the transferor obtains the benefit of the statutory corporation tax deduction under Schedule 23 of the Finance Act 2003 on the transfer of a business or a subsidiary.


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