| Commentary

213 Shares to which the offer relates

| Commentary

213 Shares to which the offer relates

For the purposes of the exercise of squeeze-out rights, ‘shares to which the offer relates’ are those for which the offer is made1. Shares already owned by the offeror at the date of the offer2, or shares that he has contracted to acquire3 (whether unconditionally or subject to conditions) as at that date, will be ignored. Shares owned by any of the offeror’s associates at the date of the offer will also be ignored, as will be any shares contracted to be acquired by an associate as at that date (whether unconditionally or

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