(1) If, before the expiry of a take-over bid or an issuer bid or after the expiry of a bid but before the expiry of all rights to withdraw the securities deposited under the bid, a change has occurred in the information contained in the bid circular or any notice of change or notice of variation that would reasonably be expected to affect the decision of the security holders of the offeree issuer to accept or reject the bid, the offeror must promptly
(a) issue and file a news release, and
(b) send a notice of the change to every person to whom the bid was required to be sent and whose securities were not taken up before the date of the change.
(1.1) Despite paragraph (1)(b), an offeror is not required to send a notice of change to a security holder if, under paragraph 2.30(2)(a.1), the security holder is restricted from withdrawing securities that have been deposited under the bid.
(2) Subsection (1) does not apply to a change that is not within the control of the offeror or of an affiliate of the offeror unless it is a change in a material fact relating to the securities being offered in exchange for securities of the offeree issuer.
(3) In this section, a variation in the terms of a bid does not constitute a change in information.
(4) A notice of change must be in the form of Form 62-104F5 Notice of Change or Notice of Variation.
(5) If, under subsection (1), an offeror is required to send a notice of change before the expiry of the initial deposit period, 14
(a) the initial deposit period for the offeror’s take-over bid must not expire before 10 days after the date of the notice of change, and
(b) the offeror must not take up securities deposited under the bid before 10 days after the date of the notice of change.