LR 6.14 Shares in public hands

1Where an applicant is applying for the admission of a class of equity shares to premium listing, a sufficient number of shares of that class must, no later than the time of admission, be distributed to the public2.

[Note: article 48 of the CARD]

1For the purposes of LR 6.14.1R:

1. (1)

   [deleted]2

2. (2)

   a sufficient number of shares will be taken to have been distributed to the public when 25% of the shares for which application for admission has been made are in public hands; and

3. (3)

   treasury shares are not to be taken into consideration when calculating the number of shares of the class.

[Note: article 48 of the CARD]

1For the purposes of LR 6.14.1R and LR 6.14.2R, shares are not held in public hands if they are:

1. (1)

   held, directly or indirectly by:

   1. (a)

      a director of the applicant or of any of its subsidiary undertakings; or

   2. (b)

      a person connected with a director of the applicant or of any of its subsidiary undertakings; or

   3. (c)

      the trustees of any employees’ share scheme or pension fund established for the benefit of any directors and employees of the applicant and its subsidiary undertakings; or

   4. (d)

      any person who under any agreement has a right to nominate a person to the board of directors of the applicant; or

   5. (e)

      any person or persons in the same group or persons acting in concert who have an interest in 5% or more of the shares of the relevant class;

2. (2)

   subject to a lock-up period of more than 180 calendar days.

[Note: article 48 of the CARD]