RE: As expected29 Dec 2017 17:22
If you are referring to the takeover code it refers to purchases in the last year. I wouldn't have thought that a warrant issue would be counted as a purchase unless they are exercised.
More likely that the warrants with the lower strike prices would be exercised to build an initial stake, which would then set the minimum takeover price.
I hate to say it but I think that 24p is too much, even if the unexercised warrants did count TF would just wait until a year has passed since their issue to be able to launch a sub 24p bid.