Common use of Pre-emptive Rights Clause in Contracts

Pre-emptive Rights. If the Company should at any time or from time to time propose to issue and sell New Securities, as defined in subsection 8.1(a), a pro rata portion of such New Securities shall first be offered (as hereinafter provided) to the shareholders of the Company (each of whom shall hereinafter be referred to as "offeree"). For purposes of this Section 8.1, the pro rata portion of each Offeree shall mean a fraction of the New Securities to be issued, of which the aggregate number of shares which are held by the Offeree on the date of the Company's written notification referred to in subsection 8.1(b) below (the "Notice Date") shall be the numerator and the aggregate number of shares held by all the Offerees shall be the denominator. The aforesaid rights of the Offerees shall be subject to the following provisions:

Pre-emptive Rights. If the Company should at any time or from time to time propose to issue and sell New Securities, as defined in subsection 8.1(a)8.1.1 below, a pro rata portion of such New Securities shall first be offered (as hereinafter provided) to the shareholders of the Company (each of whom shall hereinafter be referred to as "offereeOfferee"). For , for the purposes of this Section 8.1, the pro rata portion of each Offeree shall mean a fraction of the New Securities to be issued, of which the aggregate number of shares which are held by the Offeree on the date of the Company's written notification referred to in subsection 8.1(b) 8.1.2 below (the "Notice Date") shall be the numerator and the aggregate number of shares held by all the Offerees shall be the denominator. The aforesaid rights of the Offerees Purchaser shall be subject to the following provisions: