Nature of Consideration
TMA-3.1.10
The consideration to be paid, or provided, for the acquisition of the
voting rights to which themandatory offer relates shall consist solely of cash, securities, or a combination thereof at not less than the highest price paid by theofferor or any personacting in concert with it for shares of that class of theofferee company during theoffer period and within 6 months prior to its commencement.Amended: October 2019TMA-3.1.11
The cash
offer , securities or a combination thereof for the purpose of Paragraph TMA-3.1.10 must remain open after theoffer has become or is declared unconditional for not less than 15 days thereafter.Amended: October 2019TMA-3.1.12
When directors sell shares to an
offeror which result in theofferor having to make amandatory offer , the directors must ensure that theofferor fulfils his obligation under this Module.Amended: October 2019TMA-3.1.13
Such directors must not resign, except with the consent of CBB, from the board of directors until the first closing date of the
takeover offer or the date when thetakeover offer becomes or is declared unconditional as to acceptances, whichever is the later.Amended: October 2019TMA-3.1.14
Until the
offer document has been posted, noofferor , or personsacting in concert , may be appointed to the board of theofferee company or any of its subsidiaries, or exercise or procure the exercise of the votes attaching to any shares in theofferee company.Amended: October 2019