Once a bona-fide offer has been communicated to the board of the offeree company or the board of the offeree company has reason to believe that a bona-fide offer is imminent, except with the consent of the CBB, the directors of an offeree company or any of its subsidiaries should not resign until the first closing date of the offer, or the date when the offer becomes or is declared unconditional, whichever is the later.

Resignation of directors of the offeree company should be made in accordance with the offeree company's Memorandum and Articles of Association.