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  • Rule 15. Convertible securities, options and subscription rights
  • 15.1 Appropriate offer or proposal
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  • 15.1 Appropriate offer or proposal
  • 15.2 Independent advice and opinion of the offeree board
  • 15.3 Publication of offer or proposal
  • 15.4 Conditionality of the offer or proposal
  • Notes on Rule 15
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Fourteenth edition
11 December 2023

Updated
11 December 2023

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You are viewing the Code as at 11/12/2023
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  1. 11/12/2023

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Appropriate offer or proposal

When an offer is made for voting equity share capital or for other transferable securities carrying voting rights and the offeree company has convertible securities, options or subscription rights (“Rule 15 securities”) outstanding, the offeror must make an appropriate offer or proposal to the holders of those Rule 15 securities to ensure that their interests are safeguarded. Equality of treatment is required.

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