Sections 47 to 53 apply in relation to an offer or a takeover notice only if the takeover notice is received by the target company on or after the date on which this clause comes into force (and rule 49 of the takeovers code continues to apply in any other case accordingly).

In this clause, offer, takeover notice, and target company have the same meanings as in the takeovers code.

This Act, the takeovers code, and any relevant exemptions from the takeovers code, as in force immediately before commencement, continue to apply to every transaction and event regulated under the code (or that would be regulated under the code but for an exemption) that has started but is not completed before commencement (an existing transaction), until the existing transaction is complete and all requirements of the code and any exemptions (as relevant) have been complied with.

In particular, a company that, because it is not at least medium-sized, ceases to be a code company on commencement continues to be a treated as a code company for the purpose of completing existing transactions (if any).

For the purposes of this clause, if, as a result of an existing transaction, a person becomes a dominant owner in the company, completing existing transactions includes applying the compulsory acquisition rules in Part 7 of the code (and the existing transaction is not complete until those rules are applied).

Subclause (2)—

In this clause,—

commencement means commencement of Part 12 of the Regulatory Systems (Economic Development) Amendment Act 2019

dominant owner, in relation to a company, means a person who becomes the holder or controller, or 2 or more persons acting jointly or in concert who become the holders or controllers, of 90% or more of the voting rights in the company (whether by reason of acceptances of an offer or otherwise); and words or expressions used in the definition of dominant owner have the same meanings as they have in the takeovers code.

In this Part, commencement means the commencement of Part 21 of the Regulatory Systems (Economic Development) Amendment Act 2025.

This Act, the takeovers code, and any relevant exemptions from the takeovers code, as in force immediately before commencement, continue to apply to every transaction and event regulated under the code (or that would be regulated under the code but for an exemption) that has started but is not completed before commencement (an existing transaction), until the existing transaction is complete and all requirements of the code and any exemptions (as relevant) have been complied with.