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38.12 VOTING BY CONNECTED EXEMPT PRINCIPAL TRADERS

Except with the consent of the Panel, securities owned by an exempt principal trader connected with a Bidder or the Target must not be voted on a resolution put to shareholders in the Target to approve or to give effect to a scheme of arrangement. The Panel will normally grant its consent in the following circumstances:

(a) an exempt principal trader connected with a Bidder whose offer is being implemented by way of a scheme will normally be permitted to vote against the scheme but will not normally be permitted to vote in favour of it;
(b) an exempt principal trader connected with a competing Bidder (or potential Bidder) will normally be permitted to vote in favour of such a scheme but will not normally be permitted to vote against it; and
(c) an exempt principal trader connected with the Target will normally be permitted to vote in favour of or against the scheme.