Unacceptable circumstance at RCU

The Takeovers Panel has declared unacceptable circumstances in regards to RCU's rights issue. Amongst other things, the Panel found that: 1.      Frost discouraged RCU or RE from implementing a dispersion strategy in relation to the rights issue, other than allowing the rights issue to be renounceable. 2.      All reasonable steps to minimise the potential control impact of the rights issue on RCU were not taken. 3.      It appears to the Panel that the circumstances are unacceptable having regard to: a.     the effect that the Panel is satisfied the circumstances have had, are having, will have or are likely to...

The Takeovers Panel has declared unacceptable circumstances in regards to RCU's rights issue. Amongst other things, the Panel found that:

1.      Frost discouraged RCU or RE from implementing a dispersion strategy in relation to the rights issue, other than allowing the rights issue to be renounceable.

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