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16.1 TIMING AND CONTENTS

By 8.00 am at the latest on the business day following the day on which an offer is due to expire, or becomes or is declared unconditional as to acceptances, or is revised or extended, a Bidder must make an appropriate announcement. The announcement must state:

(a) the number of shares for which acceptances of the offer have been received, specifying the extent to which acceptances have been received from persons acting in concert with the Bidder or in respect of shares which were subject to an irrevocable commitment or a letter of intent procured by the Bidder or any person acting in concert with the Bidder;
(b) details of any relevant securities of the Target in which the Bidder or any person acting in concert with it has an interest or in respect of which he has a right to subscribe, in each case specifying the nature of the interests or rights concerned (see Paragraph 8.8).

Similar details of any short positions (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery, must also be stated;
(c) details of any relevant securities of the Target in respect of which the Bidder or any person acting in concert with it has an outstanding irrevocable commitment or letter of intent; and
(d) details of any relevant securities of the Target which the Bidder or any person acting in concert with it has borrowed or lent, save for any borrowed shares which have been either on-lent or sold,

and must specify the percentages of each class of relevant securities represented by these figures. (See also Paragraph 30.2)

Any announcement made pursuant to this Paragraph must include a prominent statement of the total numbers of shares which the Bidder may count towards the satisfaction of its acceptance condition and must specify the percentages of each class of relevant securities represented by these figures. The Panel should be consulted if the Bidder wishes to make any other statement about acceptance levels in any announcement made pursuant to this Paragraph.