EFFECT OF THE TAKEOVERS CODE Sample Clauses
EFFECT OF THE TAKEOVERS CODE. If on the exercise of the power to buy-back Shares pursuant to the Buy-back Mandate, a Shareholder’s proportionate interest in the voting rights of the Company increases, such increase will be treated as an acquisition of voting rights and may give rise to an obligation to make a mandatory offer in accordance with Rule 26 of the Codes on Takeovers and Mergers and Share Buy-backs published by the Securities and Futures Commission (the “Takeovers Code”). Based on the Company’s record as at the Latest Practicable Date, GuoLine Overseas Limited (“GOL”, the controlling shareholder of the Company) held a beneficial interest of approximately 71.88% of the issued share capital of the Company. In the event of the Directors exercising in full the powers to buy-back Shares pursuant to the Buy-back Mandate, assuming that no Share is sold by GOL, the shareholding of GOL in the Company would be increased to approximately 79.87%. The Directors are not aware of any general offer obligation which will arise under Rule 26 of the Takeovers Code as a result of any buy-back made under the Buy-back Mandate.
EFFECT OF THE TAKEOVERS CODE. If as a result of a repurchase of Shares pursuant to the Share Repurchase Mandate, a Shareholder’s proportionate interest in the voting rights of the Company increases, such increase will be treated as an acquisition of voting rights for the purposes of the Takeovers Code. Accordingly, a Shareholder or a group of Shareholders acting in concert (within the meaning under the Takeovers Code), depending on the level of increase in the Shareholder’s interest, could obtain or consolidate control of the Company and thereby become obliged to make a mandatory offer in accordance with Rule 26 of the Takeovers Code. As at the Latest Practicable Date, according to the register maintained by the Company under Section 336 of the SFO, the following interests in the Shares were recorded: Name of Shareholders Capacity Number of Shares held Substantial shareholders