The shareholders of a listed company can choose to opt out of the - TopicsExpress



          

The shareholders of a listed company can choose to opt out of the mandatory offer obligation according to Article 22 of the act, by including an opt-out clause in the articles of association. Such an opt-out clause can be included before or after the listing of the shares on the stock exchange. The introduction of an opt-out clause is, in principle, invalid when it is selective either in a formal sense (ie, the name of the beneficiary of such clause is explicitly stated in the articles of association) or in a material sense (ie, such a clause was introduced in view of a specific beneficiary or a particular transaction, without stating explicitly such beneficiary or transaction in the articles of association).
Posted on: Sun, 08 Sep 2013 07:14:55 +0000

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