36. Further provision about rights conferred by section 31

(1) Rights conferred on a shareholder by subsection (2), (3) or (4) of section 35 are exercisable by a written communication addressed to the bidder.
(2) Rights conferred on a shareholder by subsection (2), (3) or (4) of that section are not exercisable after the end of the period of three months from —
(a) the end of the period within which the offer can be accepted, or
(b) if later, the date of the notice that must be given under subsection (3) below.
(3) Within one month of the time specified in subsection (2), (3) or (4) (as the case may be) of that section, the bidder must give any shareholder who has not accepted the offer notice in the prescribed manner of —
(a) the rights that are exercisable by the shareholder under that subsection, and
(b) the period within which the rights are exercisable.
If the notice is given before the end of the period within which the offer can be accepted, it must state that the offer is still open for acceptance.
(4) Subsection (3) does not apply if the bidder has given the shareholder a notice in respect of the shares in question under section 31.
(5) A bidder who fails to comply with subsection (3) contravenes this section.

If the bidder is a company, every director or other officer of that company who is in default or to whose neglect the failure is attributable also contravenes this section.
(6) If a bidder other than a company is alleged to have contravened these Regulations by failing to comply with subsection (3), it is a defence for him to prove that he took all reasonable steps for securing compliance with that subsection.
(7) A person who contravenes this section shall be liable to a fine of such amount the Panel considers appropriate. A penalty may not be imposed on any person under these Regulations in excess of the maximum amount that may be imposed under the ADGM Founding Law.