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The Cell parameter indicates the cell whose text is about to be updated, and the Text property contains the new contents of the cell. The Validation and Message parameters can be set using CellConv. This is useful when you want to do your own validation rather than letting the control do it for you. The OldText parameter is the text that was in the cell before the user edited it.
Using the Cancel property to cancel the event only works if the event was qualified synchronously.
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