Indicative Offer Timetable

1
Indicative Offer Timetable
Post Offer Document
First Closing Date
Announcement of firm offer
First date on which Target shareholders who have
accepted the Offer may withdraw acceptance
provided the offer is not yet unconditional as
to acceptances (assuming first closing date is
Day 21)
Last date for offer to be declared unconditional
as to acceptances, ie Offer will lapse if
acceptances sufficient to give Offeror voting
control have not been received
First posting of consideration (14 days after
Offer becomes wholly unconditionalor date of
receiptof acceptance)
Last date for fulfilment of any other
conditions of the Offer (assuming Offer became
unconditional as to acceptances on Day 60)
Max 28 days
Earliest date on which the offer can be closed
Press release announcing firm intention to make
offer
The offer document is sent to Targets Shareholde
rs (andpersons with informationrights) and
madeavailable to employeerepresentatives.
Pressrelease announcing offerdocument has
beenpublished on a website
Announcement of acceptance levels
Max 21 days
Max 14 days
Min 21 days
Min 21 days
Day 0
Day 14
Day 81
Day 60
Day 46
Day 39
Day 42
Day 95
Day 21
thereafter
Min 14 days
Max 28 days
Procedure for compulsory acquisition
of remaining minority implemented provided
90 thresholds are reached
Announcement of possible offer in the event of
significant share price movement.Potential
Offerorsidentified inannouncement
Last date for dispatch of first defence
document HB
Last date for revising Offer
HB
Last date for release of material
new information by Target HB
HB Normally only relevant for hostile bids To
announce firm offer or that will not proceed with
offer unless extension agreed or other exceptions
apply