Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Thursday 12 April, 2018

Takeover Panel

Statement re Sky Plc

RNS Number : 7165K
Takeover Panel
12 April 2018





Further to Panel Statement 2017/23, the Panel Executive confirms that it has informed each of Disney, Fox and Sky of its ruling that, following completion of the acquisition by Disney of Fox (after a spin-off of certain businesses) (the "Acquisition"), Disney will be required to make a mandatory offer (the "Offer") to the holders of ordinary shares in Sky pursuant to Note 8 on Rule 9.1 of the Takeover Code as a result of Fox's stake of approximately 39% in Sky.  The basis for this ruling is that, in accordance with paragraph (b) of Note 8 on Rule 9.1, the Executive considers that securing control of Sky might reasonably be considered to be a significant purpose of Disney's acquiring control of Fox.

The Executive has further ruled that the Offer must be at £10.75 in cash for each ordinary share in Sky.  The basis for this ruling is set out in the Appendix to this Statement.

The Offer will be required to be made by Disney within 28 days of completion of the Acquisition unless by then either:


Fox has acquired 100% of the ordinary shares of Sky; or


Comcast Corporation, which announced on 27 February that it was considering making an offer for Sky, or any other third party, has acquired more than 50% of the ordinary shares of Sky.

Each of Disney, Fox and Sky has accepted these rulings.

12 April 2018



The basis for the Executive ruling that the Offer must be made at £10.75 in cash for each ordinary share in Sky share is as follows:


Note 8 on Rule 9.1 of the Code does not make provision for the price at which an offer made pursuant to that Note must be made;


Rule 9.5 of the Code provides that an offer made under Rule 9.1 must be in cash (or accompanied by a cash alternative) at not less than the highest price paid by the offeror or any person acting in concert with it for any interest in shares in the offeree company during the 12 months prior to the announcement of the offer.  In this case, there has been no announcement by Disney of an offer for the ordinary shares in Sky.  Nevertheless, the Executive considers that, in applying Rule 9.5, it is appropriate to take into account the acquisition of any interests in ordinary shares in Sky in the 12 months prior to the announcement of the Acquisition.  However, the Executive understands that neither Disney nor any person acting in concert with Disney has acquired any interest in Sky ordinary shares during this period or subsequently;


in the circumstances of this case, the Executive has determined that the Offer should be made at the price per share attributed by Disney to Fox's shareholding of approximately 39% of the ordinary shares in Sky in connection with the Acquisition; and


each of Disney and Fox has informed the Executive that, in connection with the Acquisition, it attributed a price of £10.75 per ordinary share to the Fox shareholding in Sky (being the price per share at which Fox announced a recommended pre-conditional cash offer for Sky on 15 December 2016).  In order to validate this assertion, the Executive requested certain information from:



the internal valuation materials prepared by Disney for the purpose of the Disney board's approval of the Acquisition; and



the valuation materials prepared by Disney's financial advisers for the fairness opinion given to the Disney board in connection with the Acquisition.


In both cases, these materials supported the conclusion that the Offer should be at £10.75 per ordinary share in Sky.


This information is provided by RNS
The company news service from the London Stock Exchange

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