Commonwealth Numbered Acts

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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 35

Restriction on disposal of shares by offeror or on-market offeror
PART V-PROVISIONS RELATING TO BOTH TAKE-OVER
OFFERS AND TAKE-OVER ANNOUNCEMENTS
35. (1) During-

   (a)  the period commencing when a Part A statement is served on the target
        company and ending at the expiration of 28 days after the day on which
        the statement is served or, if take-over offers are dispatched
        pursuant to the statement within those 28 days, at the expiration of
        the period during which the take-over offers remain open; and

   (b)  if take-over offers are dispatched, in accordance with an order under
        section 46, pursuant to the statement-the period during which the
        take-over offers remain open, the offeror shall not dispose of any
        shares in the target company included in the same class of shares as
        the shares to which the Part A statement relates unless another person
        (not being a person associated with the offeror) has, after the
        Part A statement is served and before the disposal takes place, made a
        take- over offer or caused a take-over announcement to be made in
        respect of shares in the target company included in that class of
        shares.

(2) After the making of a take-over announcement in relation to shares in a
company and before the end of the period in which offers constituted by the
take-over announcement remain open, the on-market offeror shall not dispose of
any shares in the target company included in the same class of shares as the
first-mentioned shares unless another person (not being a person associated
with the on-market offeror) has, after the making of the announcement and
before the disposal takes place, made a take-over offer or caused a take-over
announcement to be made in respect of shares in the target company included in
that class of shares. 


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