If an issuer is seeking to delist from the Exchange:
(1) an exit offer must be made to the issuer's shareholders and holders of any other classes of listed securities to be delisted. The exit offer must:
(a) be fair and reasonable; and
(b) include a cash alternative as the default alternative; and
(2) the issuer must appoint an independent financial adviser to advise on the exit offer and the independent financial adviser must opine that the exit offer is fair and reasonable.