Mode of payment: open offers may be paid in cash or listed securities, subject to specified compliance and valuation rules. Regulation 9 allows payment of the open offer in cash, listed equity, listed investment grade secured debt, convertible debt convertible into listed equity, or combinations thereof. If prior acquisitions in the preceding fifty two weeks exceed ten per cent and were paid in cash, shareholders must be offered cash and non respondents are deemed to opt for cash; any revision in offer price may change the mode of payment only if the pre revision cash component is not reduced.