Issuer bids are not a major point in this course. there are a few things to note,however:- if the issuer is required to meet the takeover provisions, the company is required tosend a circular to the security holders describing such things as the reasons for thebid, the benefits to insiders, any distributions of the securities in the past five years anda bunch of other rules that must be followed according to the securities act.however, there are specific exemptions from the takeover bid rules for issuer bids,including:- any purchase or redemption made through the facilities of a recognized stockexchange;- any purchase or redemption required by the terms and conditions attached to thesecurities;- any purchase or redemption required to meet sinking fund or purchase fundrequirements.in most cases, callable securities would fall into one of the above categories.
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