The acquisition of securities of an issuer by a person who, prior to such acquisition, was a beneficial owner of more than five percent of the outstanding securities of the same class as those acquired shall be exempt from section 13(d) of the Act: Provided, That:
The acquisition is made pursuant to preemptive subscription rights in an offering made to all holders of securities of the class to which the preemptive subscription rights pertain;
Such person does not acquire additional securities except through the exercise of his pro rata share of the preemptive subscription rights; and
The acquisition is duly reported, if required, pursuant to section 16(a) of the Act and the rules and regulations thereunder.
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