Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p14
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 34757–37485

of the period during which the offers remained open—
         (i) the offeror has not declared the offers to be free from the condition;
         (ii) the offers have not become free from the condition by virtue of the operation of sub-section 30 (1); and
         (iii) the condition has not been fulfilled,
all contracts resulting from the acceptance of offers made under the take-over scheme, and all such offers that have been accepted and from whose acceptance binding contracts have not yet resulted, are void.".

Repeal of section 29
17. Section 29 of the Principal Act is repealed.

18. After section 39 of the Principal Act the following section is inserted:

Notification of offeror's entitlement
"39a. (1) In this section—
     'company' does not include a listed company;
     'prescribed percentage' means—
         (a) 25%;
         (b) 50%;
         (c) 75%; or
         (d) 90%;
     'relevant period', in relation to a company, means—
         (a) a period commencing when a Part A statement is served on the company and ending at the expiration of 28 days after the day on which the statement is served or, if take-over offers are dispatched pursuant to the statement within those 28 days, at the expiration of the period during which the take-over offers remain open; and
         (b) if take-over offers are dispatched, in accordance with an order under section 46, pursuant to a Part A statement served on the company—the period during which the take-over offers remain open;
     'relevant person', in relation to a relevant period in relation to a company, means the person who is, or each of the persons who constitute, the offeror in relation to the Part A statement concerned.
"(2) Where—
     (a) at a particular time during a period that is a relevant period in relation to a company, the percentage of the voting shares in the company to which a relevant person is entitled is less than a prescribed percentage; and
     (b) immediately after that time, the percentage of the voting shares in the company to which the relevant person is entitled is equal to or greater than that prescribed percentage,
the relevant person shall, as soon as practicable, and in any event within 2 business days, after that time, serve on the company a notice in writing setting out the percentage of the voting shares in the company to which the relevant person is entitled at the time when the notice is so served.
"(3) Where a company receives a notice under sub-section (2), it shall make the notice available at its registered office for inspection without charge by any member of the company at any time during the remainder of the relevant period in relation to the company, being a time at which the registered