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n Without Prejudice - The dangers inherent in favours : financial law
Rule 13 of the Securities Regulation Code prohibits the favourable treatment of one holder of securities over other holders around the time of an affected transaction. Unless the Securities Regulation Panel (SRP) agrees otherwise, the person making an offer and concert parties may not :
- "(1) make any arrangements with holders of the securities concerned; or
- deal, or enter into any arrangements to deal, in securities of the targetcompany; or
- enter into arrangements which involve acceptance of the offer,
(2) either during an offer or when one is reasonably in contemplation, if
(3) there are favourable conditions which are not extended to all holders of the relevant securities. This contemplates that a favourable condition must be extended to all holders of the securities concerned."
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