where the shares purchased are cancelled, the company shall inform the CDS of the cancellation and cause the share certificates to be physically destroyed;
The company shall maintain a record of share certificates which have been cancelled and destroyed;
The company shall ensure that -
for the purpose of the purchase operation, any document issued shall contain true factual and material information, and a statement that the directors of the company accept responsibility as to its contents and that the company has complied with all the applicable laws;
no issue of shares, including a bonus issue, shall be made until the closure of the purchase operation;
the consideration for the shares purchased shall be for cash consideration;
no purchase of shares shall be effected when a scheme for amalgamation, compromise or arrangement, pursuant to the provisions of the Companies Act 2001, is pending;
shares purchased are freely transferable;
fair treatment is given to all shareholders during the purchase operation;
the consent of the holders of convertible securities or other classes of securities has been obtained before the purchase operation
A company shall not purchase its own shares within 15 days prior to the publication of its preliminary, annual or interim results.
Where the company has announced that it shall purchase its own shares, it shall proceed with the operation unless the SEM authorises the company, on good cause, not to carry out the purchase operation.