• PARAGRAPH 22 PARAGRAPH 22 GENERAL OBLIGATIONS AS TO INFORMATION

    • 22.1 SUFFICIENT INFORMATION

      Shareholders must be given sufficient information and advice to enable them to reach a properly informed decision as to the merits or demerits of an offer. Such information must be available to shareholders early enough to enable them to make a decision in good time. No relevant information should be withheld from them. The obligation of the Bidder in these respects towards the shareholders of the Target is no less than a Bidder's obligation towards its own shareholders.

    • 22.2 MAKING DOCUMENTS, ANNOUNCEMENTS AND INFORMATION AVAILABLE TO SHAREHOLDERS, PERSONS WITH INFORMATION RIGHTS

      If a document, an announcement or any information is required to be sent, published or made available to:

      (a) shareholders in the Target; or
      (b) persons with information rights.

    • 22.3 CONSENT TO INCLUSION OF ADVICE, OPINIONS AND REPORTS

      If any document or announcement published in connection with an offer includes:

      (a) the substance of the advice given to the board of the Target or to a Bidder by the independent financial adviser appointed under Paragraph 3.1 or Paragraph 3.2;
      (b) reports on a profit forecast or a quantified financial benefits statement given by reporting accountants and any financial adviser in accordance with Paragraph 27; or
      (c) an opinion on value given by an independent valuer in accordance with Paragraph 28,

      the document or announcement must include a statement that each of the financial adviser(s), the reporting accountants and/or the independent valuer (as appropriate) has given and not withdrawn its consent to the inclusion of its advice, report or opinion (as the case may be) in the relevant document in the form and context in which it is included.