Intentions of the offeror with regard to the business, employees and pension scheme(s)

1. In the offer document, the offeror must explain the long-term commercial justification for the offer and must state:

   1. its intentions with regard to the future business of the offeree company, including its intentions for any research and development functions of the offeree company;

   2. its intentions with regard to the continued employment of the employees and management of the offeree company and of its subsidiaries, including any material change in the conditions of employment or in the balance of the skills and functions of the employees and management;

   3. its strategic plans for the offeree company, and their likely repercussions on employment and on the locations of the offeree company’s places of business, including on the location of the offeree company’s headquarters and headquarters functions;

   4. its intentions with regard to employer contributions into the offeree company’s pension scheme(s) (including with regard to current arrangements for the funding of any scheme deficit), the accrual of benefits for existing members, and the admission of new members;

   5. its intentions with regard to any redeployment of the fixed assets of the offeree company; and

   6. its intentions with regard to the maintenance of any existing trading facilities for the relevant securities of the offeree company.

2. If the offeror has no intention to make any changes in relation to the matters described under (a) above, or if it considers that its strategic plans for the offeree company will have no repercussions on employment or the location of the offeree company’s places of business, it must make a statement to that effect.

3. Where the offeror is a company, and insofar as it is affected by the offer, the offeror must also state its intentions with regard to its future business and comply with (a)(ii) and (iii) with regard to itself.