4 SAUNDERS v. UNITED KINGDOM JUDGMENT Mifsud Bonnici (Rule 51 para. 2 (c)). Subsequently, Mr Macdonald was unable to take part in the further consideration of the case. 11. On 6 March 1996 the Government requested permission to file further brief observations in writing, which request was granted by the President of the Grand Chamber on 19 March 1996. These observations were submitted on 4 April and the Delegate’s and the applicant’s comments in reply were received on 18 April. 12. Having taken note of the opinions of the Agent of the Government, the Delegate of the Commission and the applicant, the Grand Chamber decided on 22 April 1996 that it was not necessary to hold a further hearing following the relinquishment of jurisdiction by the Chamber (Rules 26 and 38, taken together with Rule 51 para. 6). 13. On 8 August 1996 the President admitted to the file an article submitted by the Government. AS TO THE FACTS I. PARTICULAR CIRCUMSTANCES OF THE CASE A. Factual background leading to the appointment of inspectors 14. The applicant had become a director and chief executive of Guinness PLC ("Guinness") in 1981. 15. In early 1986 Guinness was competing with another public company, Argyll Group PLC ("Argyll"), to take over a third public company, the Distillers Company PLC ("Distillers"). The take-over battle resulted in victory for Guinness. Guinness’s offer to Distillers’ shareholders, like Argyll’s, included a substantial share exchange element, and accordingly the respective prices at which Guinness and Argyll shares were quoted on the Stock Exchange was a critical factor for both sides. During the course of the bid the Guinness share price rose dramatically, but once the bid had been declared unconditional it fell significantly. 16. The substantial increase in the quoted Guinness share price during the bid was achieved as a result of an unlawful share-support operation. This involved certain persons ("supporters") purchasing Guinness shares in order to maintain, or inflate, its quoted share price. Supporters were offered secret indemnities against any losses they might incur, and, in some cases, also large success fees, if the Guinness bid was successful. Such inducements were unlawful (1) because they were not disclosed to the market under the City Code on Take-overs and Mergers and (2) because