Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-49

Thanks for clarifying that - an elegant description of what is happening.

But my follow up question relates to your point 1) - what is the definition of "unacceptable" that the Takeovers panel use? Or is it simply the undeclared level of control that is the issue, because it seems like the level of control could be a very subjective thing and open to legal argument from what I have seen here in the back and fourth between you and Esh.

Genuine questions, as I am a holder and haven't been through this process before. I expect its quite unusual?