No Indemnity or Option Arrangements Disclosed in Touchstone Exploration Takeover

Canaccord Genuity and Shore Capital Stockbrokers disclosed dealings in Touchstone Exploration securities, revealing no indemnity or option arrangements. The disclosures, made under the Takeover Code, provide insight into parties' positions and dealings in the ongoing takeover offer.

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Bijay Laxmi
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No Indemnity or Option Arrangements Disclosed in Touchstone Exploration Takeover

No Indemnity or Option Arrangements Disclosed in Touchstone Exploration Takeover

Recent financial disclosures related to the ongoing takeover offer for Touchstone Exploration Inc have revealed no indemnity or option arrangements regarding relevant securities. The disclosures, made in accordance with Rule 8 of the Takeover Code, provide insight into the dealings and positions of parties with interests in 1% or more of the securities.

Why this matters: The transparency of financial dealings and positions in takeover offers is crucial for maintaining trust in the market and ensuring fair competition. Thisdisclosure sheds light on the actions of key parties involved, which can have a ripple effect on the entire industry and impact investor confidence.

On May 10, 2024, Canaccord Genuity Limited, an exempt principal trader with recognized intermediary status, disclosed dealings in Touchstone Exploration securities. The disclosure showed purchases of 5,000 Common NPV (DI) securities at 38.1p per unit and sales of 75,158 Common NPV (DI) securities at 38.9p-38.3p per unit. Canaccord Genuity stated, "there are no indemnity or option arrangements, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing."

Similarly, on May 13, 2024, Shore Capital Stockbrokers Ltd disclosed dealings in Trinity Exploration & Production Plc securities, the party to the Touchstone Exploration takeover offer. The disclosure revealed purchases of 3,691 ordinary shares at 53.3125p per unit and sales of 10,000 ordinary shares at 53.8p per unit. Shore Capital also confirmed the absence of any indemnity arrangements or agreements relating to options or derivatives in the relevant securities.

Under the Takeover Code, parties involved in an offer are required to make public disclosures of their dealings and positions in the relevant securities. These disclosures must be made to a Regulatory Information Service and emailed to the Takeover Panel. The Takeover Panel's Market Surveillance Unit is available for consultation on the disclosure requirements.

The recent Form 8 disclosures by Canaccord Genuity and Shore Capital Stockbrokers confirm that no indemnity or option arrangements have been disclosed thus far in relation to the relevant securities in the Touchstone Exploration takeover. As the offer progresses, market participants will continue to monitor any further disclosures to assess the positions and dealings of key parties involved.

Key Takeaways

  • No indemnity or option arrangements disclosed for Touchstone Exploration takeover.
  • Canaccord Genuity disclosed purchases and sales of Touchstone Exploration securities.
  • Shore Capital Stockbrokers disclosed dealings in Trinity Exploration & Production Plc securities.
  • Parties involved in takeover offers must make public disclosures of dealings and positions.
  • Market participants will continue to monitor further disclosures for key party positions.