Panel Publishes Consultation Paper - Draft Guidance Note on Dividends

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The Takeovers Panel today released a Consultation Paper seeking public comment in relation to a new draft Guidance Note on Dividends.

The draft Guidance Note clarifies that the value of franking credits attached to a franked dividend paid by the target during a bid cannot be included in the ‘headline’ offer price, and that a bidder must clearly state in its bidder’s statement how any deduction for the value of franking credits would be done.

The Panel seeks comments from interested persons on the draft Guidance Note by Friday, 28 February 2014.

Comments should be emailed to

The Consultation Paper is available on the Panel's website on the consultation page.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597