Free Float Event definition

Free Float Event means a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and any employee benefit plans of the Company or its Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of Class A Shares representing more than 65% of the voting power of the Class A Shares.

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Free Float Event shall occur if the number of Ordinary Shares comprising the Free Float on such London and New York business day (as determined by an Independent Adviser acting in good faith) is equal to or less than 20 per cent. of the aggregate number of issued and outstanding Ordinary Shares and where for the purposes of this definition: (a) references to “Ordinary Shares” shall include Ordinary Shares represented by outstanding ADSs or other depositary receipts or certificates representing Ordinary Shares; and (b) Ordinary Shares held by or on behalf of the Depositary from time to time shall be treated as being held by the holder of the relevant ADSs representing such Ordinary Shares, and not by the Depositary on such New York business day. In any such case the Free Float Event shall be deemed to have occurred on such London and New York business day.

Free Float Event has the meaning specified in Section 2.03(d).

Examples of Free Float Event in a sentence

• Reduction of Free Float Event: an event where the total number of issued Shares of the Co-Borrower subject to “free float” (as described in Section 2.4.1. of the Oslo Stock Exchange Listing Rules as in force at the date of the First Amendment and Restatement Agreement) is reduced to less than 25%, regardless of whether or not the shares of the Borrower are listed on the Oslo Stock Exchange.

• Payment in respect of any such Note shall be made by transfer to a Euro account with a bank in a city in which banks have access to the TARGET2 System as specified by the relevant Noteholder in the relevant Free Float Event Put Option Notice.

• The Issuer shall, at the option of the holder of any Note, redeem such Note on the Free Float Event Put Date at a price equal to 100 per cent.

• In order to exercise the option contained in this Condition 7(g), the holder of a Note must, during the Free Float Event Put Option Period, deposit with any Paying, Transfer and Conversion Agent such Note and a duly completed put option notice and shall hold such Note at its Specified Office for collection by the depositing Noteholder (a “Free Float Event Put Option Notice”) in the form obtainable from any Paying, Transfer and Conversion Agent.

• If and whenever a Free Float Event shall occur the Issuer shall, within 14 calendar days following the occurrence of a Free Float Event, give notice to the Noteholders (a “Free Float Event Notice”), with a copy to the Trustee, of such event.

More Definitions of Free Float Event

Free Float Event shall occur if on each dealing day in any period of not less than 30 consecutive dealing days the Free Float is equal to or less than 50 per cent. of the total number of issued and outstanding Ordinary Shares (including Ordinary Shares represented by outstanding depositary receipts or certificates representing Ordinary Shares) and for this purpose Ordinary Shares held by or on behalf of the Issuer or any Subsidiary shall be treated as not “issued and outstanding”.

Free Float Event will occur if at any time the Free Float is less than 30% of the issued and outstanding Shares on each Trading Day in a period of not less than 20 consecutive Trading Days, and where “Free Float” means all issued and outstanding Shares less the aggregate of those Shares held by the Mittal Family acting alone or in concert with others.

Free Float Event shall occur when for any period of at least 30 consecutive calendar days the number of Shares or other Relevant Securities comprising the Free Float is equal to or less than 20% of the total number of issued Shares or Relevant Securities, respectively.

Free Float Event means the occurrence at any time of the Free Float being less than 15% of the issued and outstanding Shares on each Stock Exchange Trading Day in a period of not less than twenty consecutive Stock Exchange Trading Days.

Free Float Event shall occur if for any period of at least 30 consecutive Dealing Days the number of Shares comprising the Free Float is less than 12.5 per cent. of the total number of issued Shares and where (i) references to “Shares” shall include Shares represented by outstanding ADSs or other depositary receipts or certificates representing Shares; and (ii) Shares held by or on behalf of the Depositary from time to time shall be treated as being held by the holder of the relevant ADSs representing such Shares, and not by the Depositary.

Free Float Event shall occur if for any period of at least twenty (20) consecutive Business Days, the number of Shares comprising the Free Float is equal to or less than 25% of the total number of issued and outstanding Shares of the Issuer.

Free Float Event means less than 25 per cent. of the Issuer’s total number of issued Shares are held by the public (as interpreted under LR8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or, if applicable, the listing rules of an Alternative Stock Exchange).