Rule 8.5 and 8.3 - In details3 Sep 2020 16:49
8.5 DISCLOSURE BY EXEMPT PRINCIPAL TRADERS
(a) An exempt principal trader connected with an offeror which does
not have recognised intermediary status or which does have recognised
intermediary status but which holds any interest or short position in, or
right to subscribe for, any relevant securities of the offeree company or
any securities exchange offeror in a proprietary capacity must make a
public Opening Position Disclosure:
(i) after the announcement that first identifies the offeror with
which it is connected as an offeror; and
(ii) after the announcement that first identifies a competing
securities exchange offeror.
(b) An exempt principal trader connected with the offeree company
which does not have recognised intermediary status or which does
have recognised intermediary status but which holds any interest or
short position in, or right to subscribe for, any relevant securities of
the offeree company or any securities exchange offeror in a proprietary
capacity must make a public Opening Position Disclosure:
(i) after the commencement of the offer period; and
(ii) if later, after the announcement that first identifies any securities
exchange offeror.
(c) An exempt principal trader connected with a party to the offer must
make a public Dealing Disclosure if it deals in any relevant securities of
the offeree company or any securities exchange offeror during an offer
period, stating the following details:
(i) if the exempt principal trader does not have recognised
intermediary status, or if it does but it is dealing in a proprietary
capacity, the details required under Note 5(a) on Rule 8; and
(ii) if the exempt principal trader has recognised intermediary
status and is dealing in a client-serving capacity, the details
required under Note 5(b) on Rule 8.
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8.3 DISCLOSURE BY PERSONS WITH INTERESTS IN
SECURITIES REPRESENTING 1% OR MORE
(a) Any person who at the relevant time (see Note 7(a) below) is interested
(directly or indirectly) in 1% or more of any class of relevant securities of
the offeree company or any securities exchange offeror 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 offeror.
(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 offeree company or any securities exchange offeror must make a
public Dealing Disclosure if he deals in any relevant securities of the
offeree company or any securities exchange offeror 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 Rul
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