See section 119(1)(b)(ii)
| (1) |
In this regulation, and in regulations 103 to 106, "general offer" means an offer contemplated in section 117 (1)(c)(v). |
| (2) |
An offeror's offer circular, or combined offer circular, must be posted within— |
| (a) |
20 business days after the date of publication of a firm intention announcement; or |
| (b) |
such longer period allowed by the Executive Director, on good cause shown. |
| (3) |
The opening date of a general offer, mandatory offer or partial offer is the day after the date of posting of the offeror's offer circular, or combined offer circular, as the case may be. |
| (4) |
A general offer, mandatory offer or partial offer must remain open for at least 30 business days after the opening date. |
| (5) |
Subject to sub-regulations (6) and (7), a general offer, mandatory offer or partial offer must state— |
| (b) |
an initial closing date, with a right to extend; or |
| (c) |
an objective method of determining the closing date. |
| (6) |
If the offeree regulated company is listed on an exchange, the closing date must be a Friday. |
| (7) |
With respect to an exchange timetable regarding offers, the closing date of an offer is also the last day to trade, and holders accordingly— |
| (a) |
are entitled to acquire securities up to and including the closing date of an offer; and |
| (b) |
are able to accept an offer in respect of all securities beneficially held, or acquired, up to and including the closing date of an offer. |
| (8) |
An offer relating to a Section 117 (1)(c)(i) disposal, Section 117 (1)(c)(ii) amalgamation or merger or Section 117 (1)(c)(iii) scheme of arrangement must state— |
| (a) |
an expected effective or operative date; or |
| (b) |
an objective method of determining the effective or operative date. |
| (9) |
Within 20 business days after an offeror offer circular has been posted, the independent board must post the offeree response circular. |
| (10) |
On the 45th business day after the day upon which a conditional general offer opened an announcement shall be made by no later than 16:30 as to whether the offer is unconditional as to acceptances, or has terminated. |
| (11) |
No announcement revising an offer consideration may be posted on or after the 45th business day after an offer has opened unless the offer is unconditional as to acceptances. |
| (12) |
The consideration must be settled within six business days after the later of— |
| (a) |
the offer being declared wholly unconditional; and |
| (b) |
acceptance thereof by a holder. |
| (13) |
An offer may not be implemented or given effect to until— |
| (a) |
a request has been made to the Panel for a compliance certificate; and |
| (b) |
the Panel has issued a compliance certificate. |
Gas Regulator Levies Act, 2002
