4
More illustrations of the application of timing rules
4.1
The tables set out below illustrate how some of the Code's other timing rules apply. It is not an exhaustive list. It aims to provide guidance in accordance with the Panel's approach to the application of the timing rules in the Code.
Rule 29(1)- "not less than/later than...days before..."
An offer may not be varied, and a variation notice may not be sent, later than 14 days before the end of the offer period.
| Day 1 |
Day 2 |
Day 3 |
Day 4 |
Day 5 |
Day 6 |
Day 7 |
Day 8 |
Day 9 |
Day 10 |
Day 11 |
Day 12 |
Day 13 |
Day 14 |
Day 15 |
Day 16 |
The last day to
vary the offer. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offer period ends on this day. |
Rule 29(2)- "at least...days after..."
The offer must remain open for at least 14 days after a variation notice has been sent.
| Day 1 |
Day 2 |
Day 3 |
Day 4 |
Day 5 |
Day 6 |
Day 7 |
Day 8 |
Day 9 |
Day 10 |
Day 11 |
Day 12 |
Day 13 |
Day 14 |
Day 15 |
Day 16 |
The day that the
variation notice is sent |
|
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|
|
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|
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|
|
|
|
Offer period ends
on this day. |
Rule 34(1)(b)- "after x days..."
(1)
If the consideration is not sent within the period specified in the offer to any person whose securities are taken up under the offer, the person may withdraw acceptance of the offer -
(a)
by notice in writing to the offeror; but only
(b)
after the expiration of 7 days' written notice to the offeror of the person's intention to do so.
(2)
However, the right to withdraw acceptance of the offer does not apply if the person receives the consideration during the
7-day period referred to in subclause (1)(b).
| Day 1 |
Day 2 |
Day 3 |
Day 4 |
Day 5 |
Day 6 |
Day 7 |
Day 8 |
Day 9 |
| The day on which a person gives notice to the offeror. |
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|
|
The person's withdrawal of acceptance will be effective if consideration is not received during the grey-shaded days. |
Rule 43B(a) - "days after..."
The offeror must send the offer to the offerees on a date that is-
(a) no later than 3 days after the date of the offer specified under rule 44(1)(c)...
| Day 1 |
Day 2 |
Day 3 |
Day 4 |
Day 5 |
| Date of offer |
|
|
|
Offer must be sent by end of this day |
Rule 60(1) - "within ... days..."
If an outstanding security holder returns to the dominant owner the documents referred to in rule 59 [i.e., the documents that are necessary to enable the dominant owner to be registered as the holder of the securities belonging to the outstanding security holder], the dominant owner must, within 7 days after the dominant owner receives those documents, send to the outstanding security holder -
(a)
the consideration specified in the acquisitions notice; or
(b)
if rule 56A applies [i.e. an alternative consideration], the consideration that is payable under that rule.
| Day 1 |
Day 2 |
Day 3 |
Day 4 |
Day 5 |
Day 6 |
Day 7 |
Day 8 |
| Dominant owner receives the documents referred to in rule 59 [i.e. the instrument of transfer]. |
|
|
|
|
|
|
Dominant owner must
send consideration to
outstanding security
holder by end of this day. |