For example, if the shares of a private company are held by several parties), each will generally enter into the agreement to sell the shares of the target company. Holders of a small number of shares, especially those who are passive investors, will not want to give detailed guarantees regarding the company. The target company itself and other subsidiaries it may own may, but will not generally be, parties to the agreement. The restrictions in clause 11.1 do not prevent guarantors from holding shares in shares or other securities of an undertaking traded on a securities market, unless such interest exceeds 3%. of the share capital issued by the company or class of securities concerned. . . .