34.1 DELAY OF 12 MONTHS

Except with the consent of the Panel, where an offer has been announced or made but has not become or been declared wholly unconditional and has been withdrawn or has lapsed, neither the Bidder, nor any person who acted in concert with the Bidder in the course of the original offer, nor any person who is subsequently acting in concert with any of them, may within 12 months from the date on which such offer is withdrawn or lapses either:

(a) announce an offer or possible offer for the Target (including a partial offer which could result in the Bidder and persons acting in concert with it being interested in shares carrying 30% or more of the voting rights of the Target);
(b) acquire any interest in shares of the Target if the Bidder or any such person would thereby become obliged under Paragraph 9 to make an offer;
(c) acquire any interest in, or procure an irrevocable commitment in respect of, shares of the Target if the shares in which such person, together with any persons acting in concert with him, would be interested and the shares in respect of which he, or they, had acquired irrevocable commitments would in aggregate carry 30% or more of the voting rights of the Target;
(d) make any statement which raises or confirms the possibility that an offer might be made for the Target; or
(e) take any steps in connection with a possible offer for the Target where knowledge of the possible offer might be extended outside those who need to know in the Bidder and its immediate advisers.