The Wireless Telegraphy (Licence Award) (No. 2) Regulations 2007

Final principal stage deposit

40.—(1) By the deadline notified to bidders under regulation 34(b), each bidder must pay into OFCOM’s bank account by a same day electronic transfer, with accompanying information which identifies the bidder, a further sum in pounds as a deposit so that the total amount the bidder has on deposit (including the initial deposit, any sum paid as a deposit under regulation 23 or 33 and any sum paid as a deposit under this paragraph, but not including any sum forfeited under regulation 64) is not less than whichever is the greater of—

(a) the amount of the bidder’s highest valid primary bid as specified by the bidder under regulation 15(3)(b);

(b) the amount of the bidder’s highest valid supplementary bid as specified by the bidder under regulation 17(3)(b).

(2) Where a bidder does not satisfy the requirements set out in paragraph (1), OFCOM shall notify the bidder and the bidder shall be excluded from the award process and shall not receive a refund of its initial deposit or any sum paid as a deposit under regulation 23 or 33 or under paragraph (1), which shall (where not already forfeited under regulation 64) be forfeited, and all of that bidder’s primary bids and supplementary bids (if any) shall be deemed to be invalid and shall not be taken into consideration for the purposes of determining—

(a) the winning combination of principal stage bids in accordance with regulation 41;

(b) the base price payable by a winning bidder in accordance with regulation 42.