5.2 EXCEPTIONS TO RESTRICTIONS

The restrictions in Paragraph 5.1 do not apply to an acquisition of an interest in shares carrying voting rights in a company by a person:

(a) at any time from a single shareholder if it is the only such acquisition within any period of 7 days (see also Paragraphs 5.3 and 5.4). This exception will not apply when the person has announced a firm intention to make an offer and there is no pre condition to which the making of an offer is subject; or
(b) immediately before the person announces a firm intention to make an offer (whether or not there is any pre condition to which the making of an offer is subject), provided that the offer will be publicly recommended by, or the acquisition is made with the agreement of, the board of the Target and the acquisition is conditional upon the announcement of the offer; or
(c) after the person has announced a firm intention to make an offer provided that, at the time of the acquisition, there is no pre condition to which the making of an offer is subject and:
(i) the acquisition is made with the agreement of the board of the Target; or
(ii) that offer or any competing offer has been publicly recommended by the board of the Target, even if such recommendation is subsequently withdrawn; or
(iii) the first closing date of that offer or of any competing offer has passed; or
(iv) that offer is unconditional in all respects; or
(d) if the acquisition is by way of acceptance of the offer; or
(e) if the acquisition is otherwise permitted by Guidance Notes issued under Paragraph 9.