4.6 SECURITIES BORROWING AND LENDING TRANSACTIONS BY BIDDERS, THE TARGET AND THEIR CONCERT PARTIES

Past version: effective from 20/10/2015 - 19/10/2015
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(a) During an offer period, the following persons must not, except with the consent of the Panel, enter into or take action to unwind a securities borrowing or lending transaction in respect of relevant securities of the Target:
(i) a Bidder;
(ii) the Target; and
(iii) any person acting in concert with a Bidder or with the Target.
During an offer period, where a person subject to Paragraph 4.6(a) enters into or takes action to unwind a securities borrowing or lending transaction in respect of relevant securities of a securities exchange Bidder or, with the consent of the Panel, the Target, the transaction must be disclosed as if it were a dealing in those relevant securities (see Paragraph 8.8).