Regulation 25 Grant of licences and payment of refunds to winning bidders
(1)
After determining the winning bids and the identity of the winning bidders in accordance with regulation 24, OFCOM shall —
(a)
grant each winning bidder the licence in respect of which that bidder submitted a winning bid; and
(b)
refund to each winning bidder a sum calculated in accordance with paragraph (2).
(2)
The sum which OFCOM shall refund to a winning bidder shall be the difference between the winning bidder’s bid deposit and the winning bidder’s winning bid.
(3)
The licence fee in respect of a winning bidder’s licence shall be a sum equal to the winning bid made by that winning bidder.