34.2 PARTIAL OFFERS

The restrictions in Paragraph 34.1 will also apply following a partial offer:

(a) which could result in the Bidder and persons acting in concert with it being interested in shares carrying not less than 30% but not holding shares carrying more than 50% of the voting rights of the Target whether or not the offer has become or been declared wholly unconditional. When such an offer has become or been declared wholly unconditional, the period of 12 months runs from that date; and
(b) for more than 50% of the voting rights of the Target which has not become or been declared wholly unconditional.

The restrictions in Paragraph 34.1 will not normally apply following a partial offer which could only result in the Bidder and persons acting in concert with it being interested in shares carrying less than 30% of the voting rights of the Target.