Tests used to classify a transaction by a premium listed company which is outside its ordinary course of business. Annex 1 to Listing Rule 10 sets out four class tests (sometimes referred to as percentage ratio tests). Each class test involves calculating a percentage ratio which assesses the size of the transaction relative to the size of the company. The class tests are:

The results of the class tests are expressed as percentage ratios that are then used to categorise the transaction in accordance with Listing Rule 10, Listing Rule 11 or Listing Rule 5.6 as a class 1 or class 2 transaction, a related party transaction or a reverse takeover.

For more information, see Practice note, Listing Rules: LR 10: Significant transactions.