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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 26

Offeror not proposing to acquire all shares in class
26. (1) Where-

   (a)  an offeror dispatches in accordance with sub-paragraph 16 (2) (a) (i)
        take-over offers in relation to shares in a company that are included
        in a class of shares and the offeror does not propose to acquire all
        the shares in the company included in that class of shares; and

   (b)  the number of shares in respect of which the offeror receives
acceptances of take-over offers (in this section referred to as the "available
number of shares") is greater than the number of shares proposed to be
acquired by the offeror under the relevant take-over scheme (in this section
referred to as the "desired number of shares"), the following provisions of
this section have effect.

(2) Each take-over offer that has been accepted shall, subject to sub-section
(3), be deemed to relate only to, and to have been accepted in relation only
to, a number of shares that bears to the total number of shares in respect of
which the offeree purported to accept the offer as nearly as practicable the
same proportion as the desired number of shares bears to the
available number of shares.

(3) Where-

   (a)  the number of shares in a listed public company in respect of which an
        offeree has accepted a take-over offer exceeds the number of shares to
        which the offer would, but for this sub-section, be deemed by sub-
        section (2) to
relate (in this sub-section referred to as the "primary number of shares");
and

   (b)  the excess number of shares consists of an odd lot of shares or
        consists of a marketable parcel or marketable parcels of shares and an
        odd lot of shares, the take-over offer shall, notwithstanding
        sub-section (2), be deemed to relate to, and to have been accepted in
        relation to, a number of shares equal to the sum of the
        primary number of shares and the number of shares in that odd lot of
        shares. 


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