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  • TMA-2.19 TMA-2.19 Settlement of Consideration and Share Transfer

    • Timing of Acquisition and Payment

      • TMA-2.19.1

        Shares represented by acceptances in any offer must not be accepted by the offeror until the offer has become or has been declared unconditional. Such shares must be paid by the offeror in accordance with the terms of payment as stipulated in the offer document.

        Amended: October 2019

    • Withdrawn or Lapsed Offers

      • TMA-2.19.2

        If an offer is withdrawn or lapses, the offeror must, as soon as possible but in any event within 7 calendar days thereof, post the share certificates or transfer documents lodged with acceptance forms to, or make such share certificates or transfer documents available for collection by, those offeree company shareholders who accepted the offer.

        Amended: October 2019

      • TMA-2.19.3

        [This Paragraph was deleted in January 2022].

        Deleted: January 2022
        Added: October 2019

      • TMA-2.19.4

        [This Paragraph was deleted in January 2022].

        Deleted: January 2022
        Added: October 2019

      • TMA-2.19.5

        [This Paragraph was deleted in January 2022].

        Deleted: January 2022
        Added: October 2019

    • Payment of Consideration

      • TMA-2.19.6

        An offeror must complete payment of consideration whether in the form of cash, in form of securities, or a combination of cash and securities, as the case may be, to all shareholders by crediting the shareholders bank account and/or the shareholders’ securities account, as the case may be, who have accepted the offer, within 10 calendar days from the last closing date of the offer.

        Amended: January 2022
        Added: October 2019

      • TMA-2.19.7

        [This Paragraph was deleted in January 2022].

        Deleted: January 2022
        Added: October 2019

      • TMA-2.19.8

        An offeror must deposit the unclaimed balances, if any, in an escrow account with a licensed bank within 15 calendar days from the last closing date of the offer.

        Added: January 2022

      • TMA-2.19.9

        An offeror, on its own or together with person acting in concert, must not exercise the voting rights attached to the shares received through acceptances of the take-over offer prior to full settlement of the consideration.

        Added: January 2022