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TMA-3.1.3B

Any person, or together with persons acting in concert, holding not less than 30% of the voting rights of a company disposes of voting rights in circumstances other than those mentioned in Paragraph TMA-3.1.3A, then the provisions of TMA-3.1 shall apply to the reduced holding. As a result, an obligation to make a mandatory offer will arise if:

a) the reduced holding is 30% and more and is increased by acquisition of voting shares by more than 1% in any period of 6 months; or
b) following a reduction of the holding to less than 30%, it is increased to 30% or more.

In this context, disposal of voting rights may not be netted off against acquisitions thereof.

Added: October 2019