Participation by the pre-existing licence holder where it is a bidder and has applied for a replacement licence
23. Where the pre-existing licence holder is a bidder and has applied for a replacement licence—
(a)it may not participate in the principal stage unless it has indicated that it will do so on the document that it submitted in accordance with regulation 7(3)(b); and
(b)it will be deemed to be a winning bidder in respect of eight 3.4 GHz lots with an associated base price of zero pounds, without having made principal stage bids, in addition to any 3.4 GHz lots that it may have won as a result of making principal stage bids.