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GLOSSARY

Unconditional as to acceptances definition

Published by a LexisNexis Corporate expert

What does Unconditional as to acceptances mean?

For firm offers announced before 5 July 2021, this was the time when the acceptance condition to the offer was satisfied or waived by the offeror. In practice, an offeror would usually set the acceptance level above 50%, eg 90% of each class of shares to which the offer relates, while retaining the right to waive this condition and reduce the percentage to a lower level (still exceeding 50%) at a later date. The offeror could then declare the offer unconditional as to acceptances at the lower level, usually for tactical reasons, eg to cause a competitive offer to be withdrawn. Note that the Code now provides that the acceptance condition is not capable of being satisfied unless and until all other offer conditions are satisfied or waived. The effect of this is that an offer cannot become or be declared unconditional as to acceptances while other offer conditions remain outstanding.

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Lock-up deed—AIM

Lock-up deed—AIM THIS DEED is made on [insert date] Parties 1 [Insert name of director] of [insert address of the director] (the Director); 2 [Insert name of company], a company incorporated in [insert place of incorporation, eg England and Wales] with registered number [insert registered number] whose registered office is at [insert address] (the Company); and 3 [Insert name of nominated adviser/broker], a company incorporated in [insert place of incorporation, eg England and Wales] with registered number [insert registered number] whose registered office is at [insert address] (the Placing Agent). BACKGROUND (A) [Insert relevant details of the background to the deed] (B) The Company is seeking admission to trading on AIM, a market operated by the London Stock Exchange, of the Ordinary Shares in issue and to be issued pursuant to the placing of such shares and proposes to raise £[insert amount in numbers] (before commissions, fees and expenses). (C) The Company has appointed [insert name of nominated adviser and broker], and [insert name...

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