LR 12.2 Prohibition on purchase of own securities

A listed company must not purchase or redeem (or make any early redemptions of) its own securities and must ensure that no purchases in its securities are effected on its behalf or by any member of its group during a prohibited period unless:

1. (1)

   the company has in place a buy-back programme where the dates and quantities of securities to be traded during the relevant period are fixed and have been disclosed in a notification made in accordance with LR 12.4.4 R; or

2. (2)

   the company has in place a buy-back programme managed by an independent third party which makes its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company; or

3. (3)

   the company is purchasing or redeeming securities other than shares or securities whose price or value would be likely to be significantly affected by the publication of the information giving rise to the prohibited period; or

4. (4)

   the company is redeeming securities (other than equity shares) which, at the time of issue, set out:

   1. (a)

      the date of redemption;

   2. (b)

      the number of securities to be redeemed or the formula used to determine that number; and

   3. (c)

      the redemption price or the formula used to determine the price.