A transaction by a premium listed company, the size of which results in a percentage ratio of 5% or more (but under 25%) under any one of the class tests set out in the Listing Rules. For a class 2 transaction, Listing Rule 10 requires notification to a regulatory information service (RIS) of prescribed details of the transaction without delay after the terms of the transaction are agreed. LR 10.4.1R(2) sets out the specific details required in the announcement (the same details are required for an announcement of a class 1 transaction).

For more information, see Practice note, Listing Rules: LR 10: Significant transactions: Class 2.