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10.03

Directors of the issuer and their close associates may only subscribe for or purchase any securities for which listing is sought which are being marketed by or on behalf of a new applicant, whether in their own names or through nominees if the following conditions are met:—

(1) that no securities are offered to them on a preferential basis and no preferential treatment is given to them in the allocation of the securities; and
(2) that the minimum prescribed percentage of public shareholders required by rule 8.08(1) is achieved.