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TKO 4.3.1 Guidance

1. If the Bidder considers that the highest price should not apply in a particular case, the Bidder should consult the DFSA. The DFSA may waive or modify the application of TKO Rule 4.3.1 if it is satisfied that circumstances are appropriate to provide a dispensation from this Rule. See TKO Chapter 16 of these Rules. Factors that the DFSA may take into account include the size or timing of the relevant acquisitions, the attitude of the Governing Board of the Target, whether Shares had been purchased at high prices from Directors or other Persons closely connected with the Bidder or Target, and the number of Shares purchased in the preceding six months.
2. The DFSA should be consulted where there is more than one class of Shares involved.
3. Also note related provisions, TKO Rule 3.1.1 (acquisitions before a Bid Period) and TKO Rule 5.2.1 (requirement for a Bid in cash).

Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]