Indirect acquisition treated as direct acquisition where target forms substantial proportion of acquired business, triggering open offer obligations. An acquisition that enables a person and persons acting in concert to exercise specified voting rights in a target company is treated as an indirect acquisition and attracts open offer obligations. However, if the target constitutes a substantial portion of the acquired entity or business by proportionate net asset value, sales turnover, or market capitalisation based on the most recent audited statements, the transaction is treated as a direct acquisition for all regulatory purposes, with market capitalisation measured by the sixty trading day volume weighted average price on the exchange with highest trading volume.