On 2 February 2024, PAK SEC introduced amendments in Listed companies (substantial acquisition of voting shares and takeovers) regulations, 2017, after consultation. Securities offered as payment to minority shareholders must be as good as cash. Based on this principle, the amended regulations allow the acquirer to offer securities as an alternate to cash but leave…
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Poland – FSA Substantial Shareholding Disclosure Ruling
On 17 July 2023, POL FSA announced Provincial Administrative Court dismissed Daniel Mzyk's complaint against its decision of March 2018. Case was returned to Provincial Administrative Court after the Supreme Administrative Court in Warsaw accepted cassation appeal filed by Daniel Mzyk on 28 July 2022. Fine of PLN 1,000,000 imposed for failing to notify POL…
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India – SEBI Share Acquisition, Takeovers
On 16 February 2023, IND SEBI issued master circular on takeover procedures, formats. IND SEBI issued master circular for procedures and formats under SEBI (substantial acquisition of shares and takeovers) regulations, 2011 (takeover regulations). Follows IND SEBI March 2022 on the system driven disclosures. Overview Enables stakeholders to have access to provisions of applicable circulars…
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Philippines – EXC Listing, Disclosure, Takeovers
On 16 November 2022, PHI EXC consulted on listing, disclosure, trading rules. PHI EXC issued a consultation paper titled proposed amendments to the consolidated listing and disclosure rules and revised trading rules (2022 amendments - part II). Consultation paper proposes numerous changes to consolidated listing and disclosure rules (consolidated rules); also proposes an amendment to…
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