TMA-3.3.10
Past version: Effective from 01 Jan 2009 to 31 Mar 2013
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Such conditions must not be waivable and the CBB must be consulted in advance; and
(a) in exceptional cases, the CBB may be prepared to accept a pre-condition relating to financing either in addition to another pre-condition permitted by TMA-3.3.12(a) or otherwise; for example where, due to the likely period required to obtain any necessary material official authorisation or regulatory clearance, it is not reasonable for the offeror to maintain committed financing throughout the offer period , in which case:
(i) the financing pre-condition must be satisfied (or waived), or the offer must be withdrawn, within 21 days after the satisfaction (or waiver) of any other pre-condition or pre-conditions permitted by TMA-3.3.12(a); and
(ii) the offeror and its professional adviser must confirm in writing to the CBB before announcement of the offer that they are not aware of any reason why the offeror would be unable to satisfy the financing pre-condition within that 21 day period.