Article 3 Interim provisions

The PIHL Group and the Acquiring Entities must not, during the specified period, take any pre-emptive action^f1 in relation to the proposed acquisition, including any action which might—

(a)

change or transfer the ownership or control of Telegraph Media Group, Telegraph Media Group Holdings or their subsidiaries;

(b)

transfer the ownership of the business or assets (including any shares in their subsidiaries) of Telegraph Media Group or Telegraph Media Group Holdings;

(c)

integrate the Telegraph Media Group Holdings business with any other enterprise;

(d)

otherwise impair the ability of the Telegraph Media Group Holdings business to compete independently in any of the markets affected by the proposed acquisition.

Annotations

Footnotes

f1: “Pre-emptive action” is defined in paragraph 2(12) of Schedule 7 to the Enterprise Act 2002. Paragraph 2(12) was inserted into Schedule 7 by paragraphs 1 and 4 of Schedule 7 to the Enterprise and Regulatory Reform Act 2013.