8.3 DISCLOSURE BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

(a) Any person who at the relevant time is interested (directly or indirectly) in 1% or more of any class of relevant securities of the Target or any securities exchange Bidder must make a public Opening Position Disclosure:
(i) after the commencement of an offer period; and
(ii) if later, after the announcement that first identifies any securities exchange Bidder.
(b) Any person who is (or as a result of any dealing becomes) interested (directly or indirectly) in 1% or more of any class of relevant securities of the Target or any securities exchange Bidder must make a public Dealing Disclosure if he deals in any relevant securities of the Target or any securities exchange Bidder during an offer period.
(c) Where two or more persons act pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities, they will normally be deemed to be a single person for the purpose of this Paragraph 8.3.
(d) If a person manages investment accounts on a discretionary basis, he, and not the person on whose behalf the relevant securities (or interests in relevant securities) are managed, will be treated for the purpose of this Paragraph as interested in the relevant securities concerned. Except with the consent of the Panel, where more than one discretionary investment management operation is conducted in the same group, the interests in relevant securities of all such operations will be treated for the purpose of this Paragraph as those of a single person and must be aggregated.
(e) Paragraphs 8.3(a) to (d) do not apply to recognised intermediaries acting in a client serving capacity.
(f) A person making a disclosure in accordance with Paragraphs 8.1, 8.2, 8.4 or 8.5 need not also disclose the same information pursuant to Paragraph 8.3.