A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
Clifford Change has published a statistical survey on the “Impact of UK Takeover Code – Seven Months On“, looking at how the 56 announced deals since the changes of September 2011 reflect the new features of the Code.
See also: Takeover Code proposed changes: Making hostile offers more difficult
HM Treasury and the Financial Services Authority published on 25 May 2012 a joint policy statement (PS12/9) summarising the responses received and policy decisions made in relation to their consultation paper CP11/28, “UK implementation of Amending Directive 2010/73/EU”. The FSA’s press release is here and PS12/9 is here.
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The Financial Services Authority published on 1 June 2012 a one-minute guide to the handbooks of the two new financial services regulators – the Prudential Regulation Authority and the Financial Conduct Authority:
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As we reported here, on 19 May 2012 PLUS Markets Group plc announced that it is to sell its PLUS Stock Exchange business to ICAP for nominal consideration.
However, as the Daily Telegraph reports today, some shareholders are not happy about the deal (which requires shareholder approval). A focus for shareholder discontent is the proposed pay-offs to exiting directors, and the remarkable level of fees to the advisers to PLUS:
“Advisers including S J Berwin and Wyvern Partners will receive about £960,000 in fees.”
PLUS has also received a conditional approach from Gulf Merchant Bank for is stock exchange business, which it has knocked back.
The shareholder vote is on 18 June 2012.
