Connected fund manager and connected principal trader

A fund manager or principal trader will normally be connected with an offeror or the offeree company, as the case may be, if the fund manager or principal trader is controlled# by, controls or is under the same control as:

1. an offeror or any person acting in concert with it (for example as a result of being an investor in a consortium (see also Note 6 on the definition of acting in concert));

2. the offeree company or any person acting in concert with the offeree company;

3. any connected adviser to any person covered in (1) or (2); or

4. an investment manager of or investment adviser to:

   1. an offeror;

   2. an investor in a new company (or other vehicle) formed for the purpose of making an offer; or

   3. the offeree company.

See also Rule 7.2.

#See the Note on Definitions at the end of the Definitions Section.