Dear SPL Member,

As many of you will have experienced, the Takeover Panel has, over the last 12 months or so, made some changes in its practice in relation to Rule 15 letters on public takeovers. The Share Plan Lawyers Group has recently had discussions with the Takeover Panel in order to clarify the Panel’s views on various areas of doubt which have arisen. The attached table sets out the results of those discussions. Although the table has been seen and approved by the Takeover Panel it should be treated as guidance only. It is not a substitute for consultation with the Panel in any case of doubt.

Jonathan Fenn


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