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What is a Panel of Takeovers and Mergers (PTM) levy?

Any transaction made on the London Stock Exchange, or other London-based exchange, that is greater than £10,000 must pass the details of the transaction are on to the Panel on Takeovers and Mergers for their evaluation.

A levy is charged of (currently) £1.00 on the transaction, which goes to the panel as payment. The panel is a regulatory body set up to ensure that all shareholders are treated equally during takeover bids.

The Irish Takeover Panel do the equivalent for Irish based exchanges. They charge €1.25 on trades over €12,500 in Irish share deals.