Exception where previous mandatory offer made

Exception where a previous mandatory offer has been made

1. Paragraph 2 (Obligation to make a mandatory offer) shall not apply if:

(a) the offeror (or any associate of the offeror) has already made a mandatory offer to the category of persons referred to in paragraph 1(1)(c) of Mandatory Offer: Terms of mandatory offers; and

(b) after that offer was made, the offeror either alone or together with any associates continued to be entitled to participate in the syndicate for the next following year of account and each subsequent year of account with a member’s syndicate premium limit or, as the case may be, member’s syndicate premium limits in aggregate not less than 75% of the syndicate allocated capacity of that syndicate for the then following year of account.

Mandatory Offer Byelaw, paragraph 4(1)

2. Where [1. above] applies, the person who would otherwise have to make the mandatory offer shall issue, or cause to be issued, an announcement in the publication known as Auction News or in such other manner and in such other publication as the Council may approve.

Mandatory Offer Byelaw, paragraph 4(2)

3. The announcement referred to in [2. above] shall state that the person who would otherwise have to make the mandatory offer but for [1. above] is not required to make the mandatory offer and the reason therefor.

Mandatory Offer Byelaw, paragraph 4(3)

4. Where an announcement has been made pursuant to [2. above] and the reason stated in that announcement no longer applies, the offeror shall forthwith issue, or cause to be issued, an announcement in the publication known as Auction News or in such other manner and in such other publication as the Council may approve.

Mandatory Offer Byelaw, paragraph 4(4)

5. The announcement referred to in [4. above] shall state that the previous announcement no longer applies, the reason why and the consequences thereof.

Mandatory Offer Byelaw, paragraph 4(5)