His main exceptions are rights issue and creeping.
Rights issue - GG allowed acquisition resulting from pro-rata rights issues to security holders. This exception extends to underwriters of such rights issues. However, a purported reliance on the rights issue exception may be found unacceptable by the Takeovers Panel where the control effect of a rights issue exceeds what is reasonably necessary to raise funds.
Creeping - GG allowed acquisitions of up to 3% every 6 months from a starting point above 19%. Note that a person who has acquired more than 20% under another exception must wait 6 months before it can make acquisitions under this exception.
I would suggest his buying on market implies that the convertible facility approved by shareholders may not be called and a post FDA approval financing will be done at a higher valuation than the current market price.
MSB Price at posting:
$1.85 Sentiment: Buy Disclosure: Held
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