119.3 Notification and offers

The directors notify the other shareholders of the number and value of shares which are available and invite them to make offers by a certain date. If the parties are very lucky, all the available shares will be taken up by the remaining shareholders. If not all the shares are taken up, it is usual for the unsold shares to be offered again in a second round of offers. If there are still untaken shares after the second round, the pre-emption procedure will usually provide that the transferor is free to sell his shares outside the

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