Share sale limits for major shareholders restrict offered percentages and enforce lock-in under draft-offer filings.

Shareholders filing a draft offer document are subject to ceilings on shares offered for sale: those holding over twenty per cent of pre-issue shareholding may offer at most fifty per cent of their pre-issue holding, while those holding under twenty per cent may offer at most ten per cent. Lock-in under regulation 17 applies to shareholders above the twenty per cent threshold and they cannot claim the specific relaxation in clause (c) of regulation 17. These limits are calculated as of the draft filing date and apply cumulatively to public offers and prior secondary sales.

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