Past version: Effective up to 28 Sep 2011
(1) An issue must not be placed to any of the following persons:
(a) the issuer's directors and substantial shareholders;
(b) immediate family members of the directors and substantial shareholders;
(c) substantial shareholders, related companies (as defined in Section 6 of the Companies Act), associated companies and sister companies of the issuer's substantial shareholders;
(d) corporations in whose shares the issuer's directors and substantial shareholders have an aggregate interest of at least 10%; or
(e) any person who, in the opinion of the Exchange, falls within category (a) to (d).
(2) The Exchange may agree to a placement to a person in Rule 812(1) if specific shareholder approval for such a placement has been obtained. The person, and its associates, must abstain from voting on the resolution approving the placement.
(3) The Exchange may agree to a placement to a person in Rule 812(1)(b), (c) or (d) if it is satisfied that the person is independent and is not under the control or influence of any of the issuer's directors or substantial shareholders.