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Version date: 9 November 2020 - onwards
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19. Reverse Take-Overs

A reverse take-over is any acquisition or acquisitions in a twelve month period which for an Issuer would:

(a) exceed 100% in any of the Class Tests; or

(b) result in a fundamental change in its business, board or voting control; or

(c) in the case of an Investing Company, depart materially from its Investing Policy (as stated in its

Information Document or approved by Shareholders in accordance with these Rules). Any agreement which would effect a reverse take-over must be:

(a) conditional on the consent of its Shareholders being given in general meeting;

(b) Notified without delay disclosing the information specified by Schedule Four and insofar as it is with a Related Party, the additional information required by Rule 5.18; and

(c) accompanied by the publication of an Information Document in respect of the proposed enlarged entity and convening the general meeting.

Where Shareholder approval is given for the reverse take-over, trading in the Securities of the Issuer will be cancelle

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