TMA-4.1.3
Past version: Effective from 01 Apr 2013 to 30 Sep 2019
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In the case of a share repurchase by mandatory offer the CBB will treat an application for a waiver from the requirement to make a mandatory offer as if it were an application for a whitewash waiver. The CBB will normally grant such a waiver if:
(a) The TMA Module implications of the share repurchase are disclosed in the repurchasing company's offer document;
(b) The share repurchase is approved in accordance with applicable shareholder approval requirements by those shareholders who could not become obliged to make a mandatory offer as a result of the share repurchase; and
(c) For the purpose of TMA-4.1, dealings in relevant securities include share repurchases of the relevant securities of a repurchasing company.
Amended: April 2013