XN000022-1973-02-01 — Page 3

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Thursday, February 1, 1973

(b) that the proportion of the equity placed should vary

according to the paid up capital as follows:

Paid up capital

Up to $20 m.

$20 m. up to $25 m.

$25 m. up to 830 m.

$30 m. up to $35 m.

over $35 m.

Minimum proportion of equity to be placed

4506

40%

35%

30%

2%

Where arrangements for a placement are at such an advanced stage

that the draft prospectus has already been received and approved by the

appropriate listing Committee, the S.A.C. will be prepared to consider the

case if supporting evidence is submitted forthwith.

Where a proportion of the shares in a placement is reserved for

employees, the exchanges will stipulate as one of the provisions for listing

that the company shall provide the Commissioner for Securities within 14 working

days of the opening of dealings with a list giving the name of each member of

the staff who has been alloted shares, the number of auch shares, his private

address, the capacity in which he is working for the company and the number

of years of service with the company.

Public Offers

Where it is stated in a prospectus relating to a public offer that a

proportion of the shares will be reserved for employees the procedure will be

as for a placement.

The Chairmen were further requested to see that no part of a public

offer should be set aside as a placement; but this requirement need not apply

where prospectuses have already been printed.

/Stock