What must be disclosed regarding dealings of voting shares of the target company?

The correct answer emphasizes the requirement for timely transparency in the context of voting shares of a target company. When significant dealings occur with voting shares, particularly during takeovers or substantial share transactions, it is robustly mandated to disclose these actions promptly to ensure all market participants have access to the same critical information. Disclosing such dealings at 12pm the next business day aligns with regulatory standards that aim to promote fairness and integrity in the markets.

This requirement is grounded in the principle of maintaining a level playing field where investors can make informed decisions based on the most current data. It also helps to prevent any asymmetry of information that could lead to unfair advantages. The timing of the disclosure is crucial; a next business day deadline ensures that the information is disseminated without undue delay, minimizing potential market manipulation or insider trading situations.

Other options do not align with the regulatory framework's emphasis on immediate transparency. For example, limiting disclosures to significant changes or only providing them upon request from regulators would undermine the proactive nature of the regulations designed to protect investors. Similarly, restricting disclosure to only connected shareholders would fail to address the broader market's need for information about share dealings.