offre publique de rachat par enchères au rabais modifiées

CONT: Issuer bids are often conducted by way of a modified Dutch auction process whereby security holders are given the ability to elect how many securities they are willing to tender at varying prices within a price range established by the issuer. Modified Dutch auction issuer bids technically breach the proportionate take-up and payment rules, but exemptive relief is routinely granted where certain additional disclosure is included and certain take-up procedures are followed.
OBS: Based on the prices selected by the shareholders and the number of securities that the issuer wishes to repurchase, a clearing price is established and all securities tendered at or below the clearing price are taken up and paid for at the said price.