IRELAND: Takeover Panel fine for breach of Ireland takeovers dealings disclosure rules

Wednesday January 20 2010

The Irish Takeover Panel has ruled that the failure by JPM to disclose its dealings in the relevant securities of Dragon during the offer period relating to the ENOC approach was a breach of Ireland takeover Rule 8.3.

JPM held an interest of 1% or more in the relevant securities of Dragon at the commencement of the offer period relating to the ENOC approach. During the period from 5 June 2009 to 4 December 2009 JPM dealt in relevant securities of Dragon on 113 occasions without making the disclosures required by Rule 8.3. The Panel emphasized the importance that all investors comply with the dealing disclosures under the Takeover Rules.

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