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31.2 NO INCREASE STATEMENTS

(a) A "no increase statement" is a statement as to the finality of an offer, including a statement that the offer will not be "increased", "raised", "amended", "revised", "improved" or "changed" and any similar expression.
(b) If a Bidder (or its directors, officials or advisers) makes a no increase statement, and that statement is not withdrawn immediately if incorrect, the Bidder will not be allowed subsequently to amend the terms of its offer in any way, even if the amendment would not result in an increase of the value of the offer (eg the introduction of a lower securities exchange alternative), except:
(i) where it specifically reserved the right to do so in certain circumstances at the time the no increase statement was made and those circumstances subsequently arise; or
(ii) in wholly exceptional circumstances.
(c) If a Bidder wishes to include a reservation to a no increase statement, the Panel must be consulted.