Minimum application value and application limits restrict how many public securities may be applied for and payment terms follow issue price. Regulation 47 restricts applications in the net offer category so an applicant cannot apply for more specified securities than those offered to the public, and non-institutional investor applications are limited relative to allocations to qualified institutional buyers. Issuers must specify a minimum application size in number of securities with a corresponding minimum application value within a prescribed range, invite applications in multiples of that value, and require a prescribed minimum sum payable on application per security, with full payment mandated for offers for sale; the minimum application value refers to issue price, not the payable amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Minimum application value and application limits restrict how many public securities may be applied for and payment terms follow issue price.
Regulation 47 restricts applications in the net offer category so an applicant cannot apply for more specified securities than those offered to the public, and non-institutional investor applications are limited relative to allocations to qualified institutional buyers. Issuers must specify a minimum application size in number of securities with a corresponding minimum application value within a prescribed range, invite applications in multiples of that value, and require a prescribed minimum sum payable on application per security, with full payment mandated for offers for sale; the minimum application value refers to issue price, not the payable amount.
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