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TMA-3.1.1

Past version: Effective from 01 Jan 2009 to 30 Sep 2019
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A mandatory offer is required when:

(a) Any person acquires, whether by series of transactions over a period of time or not, 30% or more of the voting rights of a company;
(b) Two or more persons are acting in concert and they collectively hold less than 30% of the voting rights of a company, and any one or more of them acquires voting rights which increases to 30% or more of the voting rights of the company; and
(c) Any person, or together with persons acting in concert with him, is interested in shares which in total carry not less than 30% of the voting rights of a company but does not hold shares carrying more than 50% of such voting rights and such person, or any person acting in concert with him acquires additional shares carrying more than 1% of the voting rights in any period of 6 months.