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TRADING PLANS: (REGULATION 5)

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(a) Approval of Trading Plan: Reg. 5(1): An insider shall be entitled to formulate a trading plan and present it to the compliance officer for approval and public disclosure pursuant to which trades may be carried out on his behalf in accordance with such plan.  (b) Reg. 5(2): Such trading plan shall:

Not entail commencement of trading on behalf of the insider earlier than six months from the public disclosure of the plan;

Not entail trading for the period between the twentieth trading day prior to the last day of any financial period for which results are required to be announced by the issuer of the securities and the second trading day after the disclosure of such financial results;

Entail trading for a period of not less than 12 months;

Not entail overlap of any period for which another trading plan is already in existence;

Set out either the value of trades to be effected or the number of securities to be traded along with the nature of the trade and the intervals at, or dates on which such trades shall be effected; and

Not entail trading in securities for market abuse.

(c) Review of Trading Plan: Reg. 5(3): The compliance officer shall review the trading plan to assess whether the plan would have any potential for violation of these regulations and shall be entitled to seek such express undertakings as may be necessary to enable such assessment and to approve and monitor the implementation of the plan. 

(d) Irrevocable approved trading plan: Reg. 5(4): The trading plan once approved shall be irrevocable and the insider shall mandatorily have to implement the plan, without being entitled to either deviate from it or to execute any trade in the securities outside the scope of the trading plan. 

(e) Notice to Stock Exchange: Reg. 5(5): Upon approval of the trading plan, the compliance officer shall notify the plan to the stock exchanges on which the securities are listed.

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