A major transaction for a listed company, the size of which results in a 25% threshold being reached under any one of the class tests set out in the Listing Rules. For class 1 transactions, the Listing Rules require an announcement to a Regulatory Information Service, an explanatory circular (known as a Class 1 circular) and shareholder approval of the transaction (Chapter 10, Listing Rules).
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.