See section 117(1)(h)(i), 119(6), 120 and 125
| (1) | A partial offer is exempt from compliance with Part B and Part C of Chapter 5 of the Act and this Chapter— |
| (i) | when making the offer, the offeror beneficially holds securities of a class entitling the offeror to exercise less than the prescribed percentage of voting rights; and |
| (ii) | the offer is limited to a number of the relevant securities; and |
| (iii) | if the offer is successfully completed, the offeror will still be able to exercise less than the prescribed percentage of voting rights; or |
| (i) | when making the offer, the offeror holds securities entitling the offeror to exercise voting rights equal to or in excess of the prescribed percentage, but less than 100% of the voting rights; and |
| (ii) | the offer is made for less than all the remaining securities of the class; and |
| (iii) | if the offer is successfully completed, the offeror would still be able to exercise less than 100% of the voting rights. |
| (2) | In sub-regulation (3), "partial offer percentage" means the percentage of securities of a particular class, which must be less than 100 percent of those securities, that the offeror offers to acquire on a pro rata basis from all holders of that class of securities. |
| (3) | If, in response to a partial offer, a holder of securities tenders a number of securities— |
| (a) | equal to or less than the partial offer percentage, the offeror must accept the tender in full; or |
| (b) | greater than the partial offer percentage, the offeror must accept— |
| (i) | that number of securities in full equal to the partial offer percentage; and |
| (ii) | part or all of the excess tendered balance accepted on an equitable basis, provided that the aggregate of the acceptances shall not exceed the partial offer percentage. |
