Publication of new Practice Statements

2025/8

PRACTICE STATEMENT 35 (PROFIT FORECASTS, QUANTIFIED FINANCIAL BENEFITS STATEMENTS AND INVESTMENT RESEARCH) AND PRACTICE STATEMENT 36 (UNLISTED SHARE ALTERNATIVES)

The Panel Executive has today published a new Practice Statement 35 (Profit forecasts, quantified financial benefits statements and investment research) and a new Practice Statement 36 (Unlisted share alternatives). 

Practice Statement 35 describes the way in which the Executive normally interprets and applies certain aspects of Rule 28 of the Takeover Code in relation to a profit forecast or quantified financial benefits statement published by an offeree company or a securities exchange offeror.  It also describes the way in which the Executive normally interprets and applies Note 4 on Rule 20.1 in relation to investment research published by a connected firm. 

Practice Statement 36 sets out guidance on how the Executive normally interprets and applies the relevant provisions of the Code in respect of an unlisted share alternative to a cash offer (sometimes also referred to as a "stub equity" alternative).

Hard copies of the new Practice Statements will be sent to subscribers shortly.

3 July 2025