Common use of New Opportunities Clause in Contracts

New Opportunities. 29.2.1 If a Shareholder (or any of its Associated Companies which it Controls) proposes to, or receives any proposal to, directly or indirectly, pursue, acquire or invest in any business in the Other Areas which (or a part of which): (a) is of the same or similar type to the Business; or (b) is or is likely to be in competition with any part of the Business during the Restricted Period (a “New Opportunity”) the Shareholder shall, as soon as is reasonably practicable and in any event before entering into any substantive negotiations relating to the New Opportunity, give written notice to the Company and the chief executive officer of the Group (“CEO”) of the New Opportunity, together with all relevant and material facts, including terms proposed and the time period within which to respond to avail of the New Opportunity, that such Shareholder (or its affiliate) is aware of (the “New Opportunity Notice”). 29.2.2 Subject to Clause 29.5, no Shareholder (or any of its Associated Companies which it Controls) shall pay or commit to pay any capital expenditure or make any other form of acquisition or investment in relation to such New Opportunity until the earlier of: (i) the Company rejecting the New Opportunity within 30 Business Days (or shorter period, if the New Opportunity is available for a shorter period) (“New Opportunity Period”); (ii) the Company failing to approve the New Opportunity within the New Opportunity Period; or (iii) the Company approving the New Opportunity in the New Opportunity Period but subsequently rejecting it. 29.2.3 Upon the occurrence of any event set out under Clause 29.2.2 (i) to (iii), the Shareholder (or its relevant Associated Company) that notified the Company of such New Opportunity (the “Presenting Shareholder”) shall be free to proceed on its own with such New Opportunity at its sole cost, risk and expense, save where: (i) the CEO has expressed to the Board that it would be in the best interests of the Company to pursue the New Opportunity; and (ii) but for any vote(s) against the New Opportunity at the Board by the Directors appointed by the Presenting Shareholder, the New Opportunity would have been approved by the Company.