ADMISSION .
THIS CONDITION SHALL NOT APPLY WHERE SHARES ARE TO BE DISTRIBUTED TO THE PUBLIC THROUGH THE STOCK EXCHANGE . IN THAT EVENT , ADMISSION TO OFFICIAL LISTING MAY BE GRANTED ONLY IF THE COMPETENT AUTHORITIES ARE SATISFIED THAT A SUFFICIENT NUMBER OF SHARES WILL BE DISTRIBUTED THROUGH THE STOCK EXCHANGE WITHIN A SHORT PERIOD .
WHERE ADMISSION TO OFFICIAL LISTING IS SOUGHT FOR A FURTHER BLOCK OF SHARES OF THE SAME CLASS , THE COMPETENT AUTHORITIES MAY ASSESS WHETHER A SUFFICIENT NUMBER OF SHARES HAS BEEN DISTRIBUTED TO THE PUBLIC IN RELATION TO ALL THE SHARES ISSUED AND NOT ONLY IN RELATION TO THIS FURTHER BLOCK .
HOWEVER , BY WAY OF DEROGATION FROM THE FIRST PARAGRAPH , IF THE SHARES ARE ADMITTED TO OFFICIAL LISTING IN ONE OR MORE NON-MEMBER STATES , THE COMPETENT AUTHORITIES MAY PROVIDE FOR THEIR ADMISSION TO OFFICIAL LISTING IF A SUFFICIENT NUMBER OF SHARES IS DISTRIBUTED TO THE PUBLIC IN THE NON-MEMBER STATE OR STATES WHERE THEY ARE LISTED .
A SUFFICIENT NUMBER OF SHARES SHALL BE DEEMED TO HAVE BEEN DISTRIBUTED EITHER WHEN THE SHARES IN RESPECT OF WHICH APPLICATION FOR ADMISSION HAS BEEN MADE ARE IN THE HANDS OF THE PUBLIC TO THE EXTENT OF A LEAST 25 % OF THE SUBSCRIBED CAPITAL REPRESENTED BY THE CLASS OF SHARES CONCERNED OR WHEN , IN VIEW OF THE LARGE NUMBER OF SHARES OF THE SAME CLASS AND THE EXTENT OF THEIR DISTRIBUTION TO THE PUBLIC , THE MARKET WILL OPERATE PROPERLY WITH A LOWER PERCENTAGE .
5 . LISTING OF SHARES OF THE SAME CLASS
THE APPLICATION FOR ADMISSION TO OFFICIAL LISTING MUST COVER ALL THE SHARES OF THE SAME CLASS ALREADY ISSUED .
HOWEVER , MEMBER STATES MAY PROVIDE THAT THIS CONDITION SHALL NOT APPLY TO APPLICATIONS FOR ADMISSION NOT COVERING ALL THE SHARES OF THE SAME CLASS ALREADY ISSUED WHERE THE SHARES OF THAT CLASS FOR WHICH ADMISSION IS NOT SOUGHT BELONG TO BLOCKS SERVING TO MAINTAIN CONTROL OF THE COMPANY OR ARE NOT NEGOTIABLE FOR A CERTAIN TIME UNDER AGREEMENTS , PROVIDED THAT THE PUBLIC IS INFORMED OF SUCH SITUATIONS AND THAT THERE IS NO DANGER OF SUCH SITUATIONS PREJUDICING THE INTERESTS OF THE HOLDERS OF THE SHARES FOR WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT .
6 . PHYSICAL FORM OF SHARES
FOR THE ADMISSION TO OFFICIAL LISTING OF SHARES ISSUED BY COMPANIES WHICH ARE NATIONALS OF ANOTHER MEMBER STATE AND WHICH SHARES HAVE A PHYSICAL FORM IT IS NECESSARY AND SUFFICIENT THAT THEIR PHYSICAL FORM COMPLY WITH THE STANDARDS LAID DOWN IN THAT OTHER MEMBER STATE . WHERE THE PHYSICAL FORM DOES NOT CONFORM TO THE STANDARDS IN FORCE IN THE MEMBER STATE IN WHICH ADMISSION TO OFFICIAL LISTING IS APPLIED FOR , THE COMPETENT AUTHORITIES OF THAT STATE SHALL MAKE THAT FACT KNOWN TO THE PUBLIC .
THE PHYSICAL FORM OF SHARES ISSUED BY COMPANIES WHICH ARE NATIONALS OF A NON-MEMBER STATE MUST AFFORD SUFFICIENT SAFEGUARD FOR THE PROTECTION OF THE INVESTORS .
7 .