What does Takeover Code Rule 4 prohibit regarding the offeree's securities?

The correct choice outlines that Takeover Code Rule 4 prohibits selling offeree's securities without prior consent from the panel. This regulation is designed to protect the interests of shareholders during a takeover bid situation. Specifically, it prevents the offeree from disposing of their shares in a manner that could undermine the value of the offer being put forth. The requirement for consent from the panel ensures that all actions taken during the takeover process are considered fair and transparent, allowing both the offeree and the bidder to navigate the situation with clarity and fairness.

Regarding the other options, while each presents scenarios regarding the handling of securities during the takeover, they do not directly reflect the specific prohibitions set out in Takeover Code Rule 4. The regulation focuses primarily on maintaining integrity in the offer process and ensuring that investors are making informed decisions without outside influences that could skew the outcome.