38.4 HOLDING STATEMENTS

(a) When a Bidder has announced a firm intention to make an offer to be implemented by means of a scheme of arrangement and it has been announced that a potential competing Bidder might make an offer (see Paragraphs 2.6(d) and (e)), the Panel will normally require the potential Bidder to clarify its position by no later than 5.00 pm on the seventh day prior to the date of the shareholder meetings.
(b) Where appropriate, however, taking into account all relevant factors, including:
(i) the interests of Target shareholders and the desirability of clarification prior to the shareholder meetings; and
(ii) the time which the potential Bidder has had to consider its position,
the Panel may permit the potential Bidder to clarify its position after the date of the shareholder meetings but before the date of the court sanction hearing.
(c) The Panel will announce the deadline by which clarification is required under paragraph (a) or (b) above.