INTRODUCTION
EXECUTIVE SUMMARY
IDENTIFICATION OF THE PROBLEM

Status Quo
Examples of Rule 16(b) exemptions granted by the Panel
The Problem

POLICY OBJECTIVES
OPTIONS AND ANALYSIS

Introduction
Option 1: Maintain status quo

Analysis of Option 1

Option 2: Amend rule 16(b) of Takeovers Code to allow disclosure of maxima

Analysis of Option 2

Option 3: Class exemption

Analysis of Option 3

Option 4: Class exemption plus Panel approval of transaction

Analysis of Option 4

CONCLUSION/PREFERRED OPTION
PART II - THE FORM OF A RULE 16(B) CLASS EXEMPTION

Scope of class exemption
What classes of transactions should a class exemption from rule 16(b) cover?
Should the class exemption be limited to a single allottee per exempted transaction?
Should the class exemption be limited to transactions of short duration?
Review of standard conditions of exemption
Issue 1: No other means increase condition
Issue 2: No increase above permitted maximum
Issue 3: 'Potential Maxima' not always 'Likely Maxima'
Issue 4: Changes in control of exempted corporates
Proposed draft class exemption

Appendix A
Appendix B