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  • TMA-2.23 TMA-2.23 Purchases at Above Offer Price

    • Highest Price Paid

      • TMA-2.23.1

        [This Paragraph was deleted in October 2019].

        Deleted: October 2019

      • TMA-2.23.2

        [This Paragraph was moved to Paragraph TMA-2.23.5A in October 2019].

        Amended: October 2019

    • Acquisitions Before Announcement of a Firm Intention to Make an Offer

      • TMA-2.23.3

        The offer to the holders of shares of the same class shall not be on less favourable terms, when an offeror or any person acting in concert with it has acquired an interest in shares in the offeree company:

        (a) Within the three month period prior to the commencement of the offer period; or
        (b) During the period, if any, between an announcement made by the offeror and the commencement of the offer period.
        Amended: October 2019

    • Acquisitions After Announcement of a Firm Intention to Make an Offer

      • TMA-2.23.4

        After an announcement of a firm's intention to make an offer and before the offer closes for acceptance, an offeror or any person acting in concert with it acquires any interest in shares at above the offer price, it shall increase its offer to not less than the highest price paid for the interest in shares acquired in such circumstances.

        Amended: October 2019

      • TMA-2.23.5

        Immediately after the acquisition of shares at above the offer price, the offeror must announce that a revised offer will be made in accordance with this Section. This announcement must state the number of shares concerned and the price paid.

        Amended: October 2019

      • TMA-2.23.5A

        Subscription for new securities at a price above the offer price will be treated as a purchase for the purposes of Paragraph TMA-2.23.4.

        Added: October 2019

    • Offers Involving a Further Issue of Listed Securities

      • TMA-2.23.6

        If the offer involves a further issue of securities of a class already listed on a licensed exchange, the current value of the offer on a given day should normally be established by reference to the weighted average traded price of board lots (excluding special bargains and odd lots) of such securities traded during the immediately preceding trading day. If the offer involves a combination of cash and securities and further purchases of the offeree company's shares oblige the offeror to increase the value of the offer, the offeror must endeavour, as far as practicable, to effect such increase while maintaining the same ratio of cash to securities as is represented by the offer.

        Amended: October 2019