LR 12.3 Purchase from a related party

Where a purchase by a listed company of its own equity securities or preference shares is to be made from a related party, whether directly or through intermediaries, LR 11 (Related party transactions) must be complied with unless:

1. (1)

   a tender offer is made to all holders of the class of securities; or

2. (2)

   in the case of a market purchase pursuant to a general authority granted by shareholders, it is made without prior understanding, arrangement or agreement between the listed company and any related party.

1Where a purchase by a listed company of its own equity securities or preference shares is to be made from a related party which is a sovereign controlling shareholder or an associate of a sovereign controlling shareholder, the modifications to LR 11 (Related party transactions) in LR 21.5 (Transactions with related parties: Equity shares) and LR 21.10 (Transactions with related parties: Certificates representing shares) do not apply for the purposes of LR 12.3.1R.