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offers. Moreover, the CML introduces a new sanction in case of non-

compliance with the capital markets legislation governing mandatory

offers. Accordingly, in the event of failure to make a mandatory offer

in due time, the relevant shareholding rights shall be suspended.

The Communiqué was issued in accordance with and based on

these provisions and the authorization granted to the Board. The

Communiqué regulates the general principles, the trigger events and

specifics of mandatory offers, as well as the principles of voluntary

offers. These provisions aim to protect the small investors in public

companies and ensure that they are paid at least the price that would be

paid for their shares on the market.

CAPITAL MARKETS LAW

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