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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 23

Offeror connected with target company
23. (1) Where-

   (a)  take-over offers are, or are to be, made in respect of shares in a
        company by an offeror who has a prescribed shareholding in the target
        company;

   (b)  take-over offers are, or are to be, made in respect of shares in a
        company by an offeror that is or includes a natural person who is a
        director of the target company; or

   (c)  take-over offers are, or are to be, made in respect of shares in a
        company by an offeror that is or includes a corporation or
        corporations, and a director or directors of the target company is or
        are a director or directors of that corporation or of either or any of
        those corporations, the Part B statement given in accordance with
        sub-section 22 (1) shall be accompanied by a copy of a report made by
        an expert (not being a person who is associated with the offeror or
        with the target company) stating whether in his opinion, the
        take-over offers are fair and reasonable and setting out his reasons
        for forming that opinion.

(2) Where the target company obtains 2 or more reports each of which could be
used for the purposes of compliance with sub-section (1), the Part B statement
given by the company shall be accompanied by a copy of each report.

(3) For the purposes of sub-section (1)-

   (a)  a person has a prescribed shareholding in a company if he is entitled
        to not less than 30% of the voting shares in the company; and

   (b)  a person has a prescribed shareholding in a company, being a company
        the voting shares in which are divided into 2 or more classes of
        shares, if he is entitled to not less than 30% of the shares in one of
        those classes. 


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