On 13 August 2024, POL FSA announced that an application had been submitted for reconsideration of the substantial shareholding case against Perla – Browary Lubelskie SA the decision made on 15 July 2024. Penalties were imposed on Perla – Browary Lubelskie SA, based in Lublin. Fine of PLN 4mn has been imposed for violations of…
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Argentina – CNV Fair Pricing in Takeover Bids
On 12 August 2024, ARG CNV published Resolution 1012 to establish guidelines on fair pricing in takeover bids in the official gazette. General Resolution 1012 comes into force on 13 August 2024. Highlights: Regulations adjust provisions re determination of fair price in OPA, to safeguard interests of the shareholders against the passage of time and…
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15 August 2024 – Turkey CMB Fines for Short Selling Violations
Turkey Fines for Short Selling Violations
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Hong Kong – SFC Takeover Table Updated
On 14 August 2024, the SFC updated the takeover table to commence the offer period for Anacle Systems Limited (stock code: 8353). It also updated the takeover table to close out the offer period for Mobile Internet (China) Holdings Limited (Stock Code:1439). Effective: Both takeover announcements are 14 August 2024.
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Australia – ASIC ASIC Takeovers, Relevant Interests
On 9 August 2024, AST GVT registered ASIC corporations (amendment) instrument 2024/664 and explanatory statement, commences 10 August 2024. Amends instrument 2023/688 to clarify takeover bidder must make offers for securities under the bid via relevant financial market, on next day after the date referred to in item 13. No further consultation was required in…
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S Korea – Tax Threshold Change for Major Shareholders
On 8 August 2024, SK Tax issued changes in threshold for substantial shareholding. SK Tax announced changes in tax reporting for major shareholders; the financial threshold for being classified as a major shareholder will increase to KRW 5bn. Announcement Affects those who have transferred stocks within H1 2024, subject to capital gains tax. Minor shareholders…
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