Third Point Investors Limited Investor Group ("The Group")
Response to the Takeover Panel Hearings Committee ruling regarding Third Point Investors Limited
5th September 2025
The Group notes the statement from the Takeover Panel:
"We are clearly disappointed with the appeal outcome as we felt there were strong arguments for the application of the Takeover Code given the 'spirit' of the Code is to protect shareholders on a change of control, and the Code is stated to be principles based. This transaction clearly puts Third Point firmly in control (even if on a narrow rules-based approach it has been ruled not to have acquired more than 30% of voting rights due to the continued existence of VoteCo). We consider the transaction deliberately designed and sequenced to avoid the Code applying and to put the company beyond the remit of the Code forever more.
"Although a successful appeal without the support of the Takeover Executive was always likely to be an uphill battle, we consider it was the right thing to pursue on behalf of all independent shareholders and for the integrity of the London market."
ENDS
Enquiries
Advisers to the Group
Communications - Nepean
Woolf Thomson Jones
+44 (0) 7376 392 693
Legal - Ogilvy & Wachtel LLP
Robert Ogilvy Watson
+44 (0) 20 8396 0967
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