36.1 POSSIBLE REQUIREMENT TO MAKE A MANDATORY OFFER

Past version: effective from 20/10/2015 - 19/10/2015
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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 9.1is followed.