As a consequence of the consideration for the Acquisition being £1, and following consultation with the Company and its financial adviser, Noble Grossart Limited, the Panel has waived the obligation under Rule 9 for Wavetower to make a general offer in cash to all shareholders. As a condition of this dispensation, Wavetower is required to send to shareholders, no later than 16 May 2011, a circular providing further details on Wavetower and further disclosure in relation to the terms of the acquisition.