The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023

26. Change of basis of approval

Edition: 2023-12-15 · In force

26. Change of basis of approval

Where, in the opinion of the Authority or the securities exchange, where applicable, circumstances have occurred or new information has emerged that fundamentally alters the basis of approval of a public offer before the allotment date in the case of an offer, or date of trading in the case of an introduction, which renders the information memorandum inadequate, the Authority may require the issuer—

(a)to issue a supplementary information memorandum disclosing such additional information;

(b)to extend the offer period to allow each investor to make an informed decision in light of the new disclosure;

(c)to reopen the offer for such period as shall be determined by the Authority or securities exchange, as the case may be, to allow each investor to reconfirm the investor’s application for subscription or withdraw the application; or

(d)to cancel the offer and, where applicable, the listing.

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Source: Kenya Law