Regulation 11

Where a relevant person instructs the Board to sell a deceased designated shareholder’s vested shares before the 8th working day mentioned in regulation 4(2) or (4) or 6(1)(a), the Board may, if it thinks fit, sell the vested shares before the 8th working day.

Subject to paragraph (3), if it is impracticable for the Board to sell any vested shares on the day or date, or the last day of the period, prescribed by regulation 4(2) or (4), 6(1), 6A(1) or 7(2) for the sale of vested shares, the Board may delay the sale of the vested shares until it is practicable to do so.

Where any of the vested shares have not been sold on the day or date, or the last day of the period, prescribed by regulation 6(1)(b) or (c), 6A(1) or 7(2) because the Board is attempting to contact or waiting for instructions or documents from the designated shareholder or the relevant person in relation to a deceased designated shareholder, the Board may sell the vested shares on any working day after that time that the Board thinks fit.

For the purposes of paragraph (2), the circumstances in which it is not practicable for the Board to sell vested shares at or within the time prescribed by regulation 4(2) or (4), 6(1), 6A(1) or 7(2) (as the case may be) include, but are not limited to, any of the following: