BusinessCorporate FinanceRegulator keeps an eye on takeovers

Regulator keeps an eye on takeovers

A 'small number of publicly traded companies that have not provided the new disclosures required by the Takeover Directive’ have been identified by the FRRP

Preparing yourself for a takeover? Then watch out because the Financial
Reporting Review Panel is not happy with some companies’ failure to fulfil
reporting duties under legislation governing acquisitions.

The FRRP said it had ‘identified a small number of publicly traded companies
that have not provided the new disclosures required by the Takeover Directive’.

The regulator is concerned that with a large batch of companies preparing
December 2007 annual reports, there is a risk that there could be more such
oversights.

The new rules compel companies to reveal details of investors with a
significant shareholding in a company and people with shareholders that come
packaged with special voting rights. If directors have powers over the issuing
or buying back of a company’s shares those powers need to be declared too.

The reminder is couched as a friendly nudge in the right direction, but if
the FRRP doesn’t like what it sees it has the power to seek a court order
forcing companies to amend their public documents.

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