Commencement and application
2.—(1) These Regulations come into force on the day after that on which they are made.
(2) These Regulations do not apply in relation to a scheme that—
(a)gives effect to, or is proposed in connection with, a takeover announcement made in relation to a company before the day on which these Regulations come into force, or
(b)gives effect to, or is proposed in connection with, a pre-commencement offer to acquire all the shares in a company that is not subject to the rules or (where there is more than one class of shares in a company) all the shares of one or more classes, in each case other than shares that on the date that the terms of the offer were agreed were already held by the person making the offer or its associates.
(3) In this Regulation—
“pre-commencement offer” means an offer the terms of which (including the fact that the offer will be implemented by a scheme) have been agreed between the company concerned and the person making the offer before the day on which these Regulations come into force; and
“takeover announcement” means a public announcement that—
concerns a firm intention to acquire all the shares in a company or (where there is more than one class of shares in a company) all the shares of one or more classes, in each case other than shares that on the date of the announcement were already held by the person making the announcement or its associates, and
on the date of the announcement, was made under rules made by the Panel.