class tests
Also known as the percentage ratio tests. In accordance with the Listing Rules, a number of tests to be performed when a listed company enters into a transaction outside its ordinary course of business. The class tests are used to compare the size of the listed company with the size of the transaction in question. The results of the class tests are expressed as percentage ratios that are then used to categorise the transaction in accordance with Chapters 10 and 11 of the Listing Rules as a Class 1, Class 2, or Class 3 transaction, a reverse takeover or a related party transaction.
The class tests are:
• The assets test.
• The profits test.
• The consideration to market capital test.
• The gross capital test.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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