Material changes

1. Except with the consent of the Panel, following the publication of the initial offer document or offeree board circular (as appropriate) and until the end of the offer period, the offeror or the offeree company (as appropriate) must promptly announce:

   1. any changes in information disclosed in any document or announcement published by it in connection with the offer which are material in the context of that document or announcement; and

   2. any material new information which would have been required to have been disclosed in any previous document or announcement published during the offer period, had it been known at the time.

2. Where an announcement is required to be made under Rule 27.1(a), the Panel may, in addition, require a document setting out the relevant information to be:

   1. sent to shareholders in the offeree company and persons with information rights; and

   2. made readily available to the offeree company’s employee representatives (or, where there are no employee representatives, to the employees themselves) and to the trustees of the offeree company’s pension scheme(s).