GLOSSARY

Working capital condition definition

What does Working capital condition mean?

Working capital' in this context means any third party debt of the enlarged offeror group that is required for reasons other than satisfying the cash consideration due under the offer. Panel practice in relation to the acceptability of offer conditions relating to the working capital requirements of the enlarged offeror group after the completion of the offer is set out in Practice Statement 11: Working capital requirements in cash and securities exchange offers.

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