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MKT 6.2.5 Conditions for trading

Past version: effective from 21/10/2015 - 20/10/2015
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(1) In so far as prices are concerned, the Issuer must not, when executing trades under a Buy-back Programme, purchase Shares at a price higher than the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out.
(2) If the trading venue is not a Recognised Investment Exchange, the price of the last independent trade or the highest current independent bid taken in reference shall be the one of the Recognised Investment Exchange.
(3) Where the Issuer carries out the purchase of own Shares through derivative Financial Instruments, the exercise price of those derivative Financial Instruments shall not be above the higher of the price of the last independent trade and the highest current independent bid.
(4) In so far as volume is concerned, the Issuer must not purchase more than 25% of the average daily volume of the Shares in any one day on the Recognised Investment Exchange on which the purchase is carried out.
(5) The average daily volume figure must be based on the average daily volume traded in the month preceding the month of public disclosure of that programme and fixed on that basis for the authorised period of the programme.
(6) Where the programme makes no reference to that volume, the average daily volume figure must be based on the average daily volume traded in the 20 trading days preceding the date of purchase.
(7) For the purposes of paragraph (3), in cases of extreme low liquidity on the relevant Recognised Investment Exchange, the Issuer may exceed the 25% limit, provided that the following conditions are met:
(a) the Issuer informs the Regulator, in advance, of its intention to deviate from the 25% limit;
(b) the Issuer discloses adequately to the public the fact that it may deviate from the 25% limit; and
(c) the Issuer does not exceed 50% of the average daily volume.