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The Takeover Appeal Board

The Takeover Appeal Board (the "Board") is an independent body which hears appeals against rulings of the Hearings Committee of the Takeover Panel (the "Hearings Committee"). The Chairman and Deputy Chairman are appointed by the Master of the Rolls and will usually have held high judicial office. The other members of the Board are appointed by the Chairman or Deputy Chairman and will usually have relevant knowledge and experience of takeovers and the Takeover Code. No person who is or has been a member of the Code Committee of the Takeover Panel may simultaneously or subsequently be a member of the Board.

Any party to a hearing before the Hearings Committee (or any person denied permission to be a party to the hearing before the Hearings Committee) may appeal to the Board against any ruling of the Hearings Committee or the chairman of the hearing (including in respect of procedural directions).

The procedures of the Board are summarised in section 8 of the Introduction to the Takeover Code which can be viewed on the Panel's website at www.thetakeoverpanel.org.uk. Its full procedures are set out in its Rules.

The expenses of the Board are met by the Takeover Panel.