Regulation 22 - Completion of acquisition

Open offer completion restrictions permit acquisition after full escrow or bank guarantee and compliance with prescribed timelines.

Acquisition completion tied to open offers is generally barred until the offer period ends, but an acquirer may complete the acquisition after twenty one working days from the detailed public statement if the acquirer deposits cash into escrow or provides an unconditional irrevocable bank guarantee equal to the entire consideration assuming full acceptance; such guarantees must meet mandated credit rating criteria. Proportionate reductions, preferential issue or stock exchange settlement routes with escrow and voting restrictions, and a twenty six week outer timeline for completing contracted acquisitions (subject to Board extension) are specified.