ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
25. Sales and disclosure by the offeror during the offer period
Edition: 2022-12-31 · In force
25. Sales and disclosure by the offeror during the offer period
(1)The offeror shall not sell any voting shares to which the take-over offer relates during an offer period.(2)A related company or a person associated or acting in concert with the offeror shall not sell any voting shares to which the take-over offer relates other than to the offeror.(3)The following persons shall disclose the total number and price of all voting shares of the offeror and the offeree which are dealt in for their own account—(a)the offeror and all related companies or persons associated to or acting in concert with the offeror;(b)the chief executive, a director or an officer of the offeror who occupies or acts in a senior managerial position in the offeror, by whichever name called;(c)a person who is an associated person in relation to persons referred to in paragraphs (a) and (b); and(d)a person who is accustomed to act in accordance with directions or instructions of the persons referred to in paragraphs (a), (b) or (c).(4)The disclosure under paragraph (3) shall be made to the relevant securities exchange where the securities of the offeror are listed and to the Authority, within twenty four hours of the transaction.(5)All dealings in voting shares of the offeror and offeree made by an associated person for the account of investment clients who are not themselves associated persons shall be disclosed to the relevant securities exchange and the Authority, at such time and in such manner as is specified in paragraphs (3) and (4).