ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
24. Convertible securities
Edition: 2022-12-31 · In force
24. Convertible securities
(1)Where a take-over offer is made for the voting shares of an offeree and the offeree has issued convertible securities, the offeror shall make a take-over offer to purchase the securities and shall make appropriate arrangements to ensure that the interests of holders of convertible securities are safeguarded.(2)The offeror shall serve the take-over offer document to purchase the securities referred to in paragraph (1) to the holders of the convertible securities at the same time as when the take-over offer document is served on the offeree shareholders in accordance with regulation 7(4).(3)The take-over offer to holders of convertible securities referred to in paragraph (1) may be affected by way of take-over scheme approved at a meeting of the holders of the convertible securities.(4)For the purposes of these Regulations, "convertible securities" of the offeree means securities that are convertible to ordinary shares of the offeree".