TNAG-2306-FCO40-3340-Future-of-Hong-Kong-stock-market-and-exchange-rate-1991 — Page 76

LINKLATERS & PAINES 852 8107021 LINKLATERS & PAINES 8 P.3

6.

7.

Substantial shareholders of a company engaged in a share repurchase should be aware that if they refrain from tendering any of their shares to the offer, the share repurchase could result in an increase in their proportionate interests in the voting rights of the company which could give rise to the obligation to make a mandatory offer in accordance with Rule 33 of the Takeovers Code. Substantial offeree shareholders should therefore be aware of, and assess, the Takeovers Code implications of a proposed share repurchase and if a mandatory offer ia anticipated they should approach the Chairman of the Takeovers Committee at the earliest opportunity.

A11 parties concerned with share repurchases are required to co-operate to the

the fullest extent with the Takeovers Committee and its Chairman, and to provide all relevant information.