As defined in the “Rules for the Offer of Securities and Continuing Obligations,” a person who makes an offer or invites a person to make an offer that results in—if accepted—the issuance or sale of securities by arrangements for the issuance or sale of securities. This term is defined in the “Merger and Acquisition Regulations” as any person who makes—or intends to make—a takeover offer subject to the provisions of the “Merger and Acquisition Regulations”.