COVID-19 Exemption Relief For Capital Raising

9 April 2020 - The Takeovers Panel recently announced that it had approved the granting of a suite of temporary class exemptions from the Takeovers Code that are aimed at assisting Code companies in raising capital. The Takeovers Code (Facilitation of Capital Raising in response to COVID-19) Exemption Notice 2020 has now been published in the Gazette. In addition, the Panel has published a guidance note explaining the operation of the exemptions.

The exemptions come into effect on 10 April 2020. These exemptions will apply to certain capital raisings conducted before the close of 31 October 2020. The Panel will review and may extend the COVID-19 Exemptions if the current unprecedented circumstances persist.

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