A major transaction by a premium 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 a class 1 transaction, Listing Rule 10 requires an announcement to a regulatory information service (RIS), an explanatory circular to shareholders (known as a class 1 circular) and shareholder approval by ordinary resolution of the transaction.

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