1. Mandatory Offer: Obligation to make a mandatory offer shall not apply if:
(a) during the relevant period; and
(b) since the end of the relevant period
no consideration has been paid by the potential offeror (or any associate of that potential offeror) for the surrender of (or making of a participation nomination or a second nomination in respect of) the whole or part of a person’s prospective participation in relation to the syndicate.
Mandatory Offer Byelaw, paragraph 5(1)
2. For the purpose of [1. above], the ‘‘relevant period’’ is the period of 12 months ending on the date when the potential offeror (or, as the case may be, the associated group of which that potential 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.
Mandatory Offer Byelaw, paragraph 5(2)
3. Where [1. above] applies, the potential offeror shall forthwith after the later of:
(a) the date when that potential offeror (or, as the case may be, the associated group of which that potential 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) 14th 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 5(3)
4. The announcement referred to [3. above] shall state that the potential offeror is not required to make the mandatory offer and the reason therefor.
Mandatory Offer Byelaw, paragraph 5(4)
5. Where [1. above] applies, neither the potential offeror nor any associate of that
potential offeror, shall be entitled to vote on:
(a) any syndicate merger affecting the syndicate under Schedule 1 to the Major Syndicate Transactions Byelaw (No. 18 of 1997); or
(b) any proposed increase in the syndicate allocated capacity of the syndicate under paragraph 6 of the Syndicate Pre-Emption Byelaw (No. 19 of 1997).
Mandatory Offer Byelaw, paragraph 5(5)
6. Where an announcement has been made pursuant to [3. 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 5(6)
7. The announcement referred to in [6. above] shall state that the previous announcement no longer applies, the reason why and the consequences thereof.
Mandatory Offer Byelaw, paragraph 5(7)