Obligation to make an announcement

1. Subject to [4. below], the offeror shall forthwith after the later of:

(a) the date when the offeror (or, as the case may be, the associated group of which the offeror is a member) became entitled to participate in the syndicate for the next following 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; and

(b) 14 April 1999;

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 3(1)}

2. Subject to [4. below], any person who would be required by [paragraphs 1. or 2. in Mandatory Offer: Obligation to make a mandatory offer to make the mandatory offer but for paragraph 5 or 6 shall forthwith after the later of:

(a) the date when that person (or, as the case may be, the associated group of which that person is a member) became entitled to participate in the syndicate for the next following 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; and

(b) 14 April 1999;

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 3(2)}

3. The announcement referred to in [1. and 2. above] shall state that the offeror (or the person who would be required by [paragraphs 1. or 2. in Consolidated Requirements Part 2 > General Operational Matters > Mandatory Offer > Obligation to make a mandatory offer] to make the mandatory offer but for [5. or 6. below]) either alone or together with any associates is entitled to participate in the syndicate for the next following 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 next following year of account.

^{Mandatory Offer Byelaw, paragraph 3(3)}

4. Any offeror or other person required to make an announcement pursuant to this [‘Obligation to make an announcement’ section] need not make such an announcement if, before 14th April 1999, he (or any associate of his) has already issued, or caused to be issued, an announcement in the publication known as Auction News containing the information referred to in [3. above].

^{Mandatory Offer Byelaw, paragraph 3(4)}