REDEMPTION OR PURCHASE BY A COMPANY OF ITS OWN SECURITIES
PARAGRAPH 36 PARAGRAPH 36
36.1 POSSIBLE REQUIREMENT TO MAKE A MANDATORY OFFER
When a company redeems or purchases its own voting shares, any resulting increase in the percentage of shares carrying voting rights in which a person or group of persons acting in concert is interested will be treated as an acquisition for the purpose of Paragraph 9. Subject to prior consultation, the Panel will normally waive any resulting obligation to make a general offer if there is a vote of independent shareholders and a procedure on the lines of that set out in the Guidance Notes to Paragraph 9.1 is followed.
36.2 LIMITATION ON SUBSEQUENT ACQUISITIONS
Subsequent to the redemption or purchase by a company of its own voting shares, all persons will be subject, in acquiring further interests in shares in the company, to the provisions of Paragraph 9.1.