On 15 May 2013, the Code Committee of the Takeover Panel published its response statement in connection with its public consultation paper from 5 July 2012 relating to "Companies subject to the Takeover Code" (PCP 2012/3). The revisions to the Takeover Code, which will take effect from 30 September 2013, represent a departure from the position proposed in the consultation and for most companies leave the Code largely unchanged.

However, the removal of the 'residency test' for AIM companies with registered offices in the UK, the Channel Islands or the Isle of Man will bring within the scope of the Code a large number of companies that previously fell outside it; this represents a significant change for those companies and for investors and participants in the AIM market, as well as potential bidders for AIM companies.

The Changes -

The Code currently applies to all companies which have their registered offices in the UK, the Channel Islands or the Isle of Man if any of their securities are admitted to trading on a regulated market in the United Kingdom (such as the Main Market of the London Stock Exchange) or on any stock exchange in the Channel Islands or the Isle of Man: however, this does not include AIM companies as AIM is not a regulated market.