12. Definition of an Offer of Securities to the Public

An Offer of Securities to the Public means a communication to any person in any form or by any means, presenting information on the terms of the offer and the Securities offered, so as to enable an investor to decide to buy or subscribe to those Securities but excluding:

(a) any communication in connection with the trading of Securities admitted to trading on an Authorised Market Institution;
(b) any communication made for the purposes of complying with the on-going reporting requirements of an Authorised Market Institution; or
(c) any other communication prescribed in the Rules as an Exempt Communication.