(1) This rule applies during the period in which a qualifying public offer is open to the public.
(2) A firm must take the steps in (3) as soon as reasonably practicable on becoming aware of:
(a) a significant new piece of information or change to the information obtained for the purposes of COBS 23.3.2R to COBS 23.3.6R; or
(b) any material mistake or inaccuracy in, or omission from, the communications (including any untrue or misleading statement) provided to clients under COBS 23.6.5R.
(3) The firm must:
(a) determine whether it is appropriate for it to continue to facilitate the qualifying public offer in light of the matter in (2), using the criteria in COBS 23.5;
(b) where relevant, update the disclosure summary with the relevant information or publish a supplementary statement with the relevant information;
(c) where relevant, update, or otherwise ensure that the issuer updates, the information in any additional documents communicated, or made available, to clients; and
(d) ensure that clients that have agreed to purchase or subscribe for relevant securities in response to the qualifying public offer are:
(i) notified of the matter in (2) and of any changes to the information communicated in relation to the qualifying public offer; and
(ii) provided that the relevant securities have not yet been delivered, clearly informed of:
(A) their right to withdraw any acceptance of the qualifying public offer where that acceptance was communicated before receipt of the notification in (i);
(B) the date on which the qualifying public offer closes, being the date by which any right of withdrawal must be exercised; and
(C) the steps that the client must take to exercise the right of withdrawal.
