Dealing in securities of a target company (i.e. a connected transaction described in rule 20.26) by the listed issuer's group is fully exempt if it meets the following conditions:
(1) the dealing in the securities is conducted as part of the ordinary and usual course of business of the listed issuer's group;
(2) the securities are listed on the Exchange or a recognised stock exchange;
(3) the dealing is carried out on the Exchange or a recognised stock exchange, or if not, no consideration passes to or from a connected person; and
(4) the transaction is not made for the purpose of conferring a direct or indirect benefit upon any connected person who is a substantial shareholder of the target company.