Preferential issue exemption removes open offer obligation when the issue complies with regulation 164A, subject to pricing rules. The amendment to regulation 10 inserts a new sub-regulation granting an exemption from the obligation to make an open offer under regulation 3(1) and regulation 4 for any acquisition of shares, voting rights or control effected by a preferential issue that complies with regulation 164A of the ICDR Regulations, 2018. The exemption also applies to target companies with infrequently traded shares that meet sub-regulations (2)-(8) of regulation 164A, with pricing for such shares governed by regulation 165 of the ICDR Regulations, 2018.