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(1)A person does not contravene section 85(1) if—
(a)the offer is made to or directed at qualified investors only;
(b)the offer is made to or directed at fewer than 100 persons, other than qualified investors, per EEA State;
(c)the minimum consideration which may be paid by any person for transferable securities acquired by him pursuant to the offer is at least 50,000 euros (or an equivalent amount);
(d)the transferable securities being offered are denominated in amounts of at least 50,000 euros (or equivalent amounts); or
(e)the total consideration for the transferable securities being offered cannot exceed 100,000 euros (or an equivalent amount).
(2)Where—
(a)a person who is not a qualified investor (“the client”) has engaged a qualified investor falling within Article 2.1(e)(i) of the prospectus directive to act as his agent, and
(b)the terms on which the qualified investor is engaged enable him to make decisions concerning the acceptance of offers of transferable securities on the client's behalf without reference to the client,
an offer made to or directed at the qualified investor is not to be regarded for the purposes of subsection (1) as also having been made to or directed at the client.
(3)For the purposes of subsection (1)(b), the making of an offer of transferable securities to—
(a)trustees of a trust,
(b)members of a partnership in their capacity as such, or
(c)two or more persons jointly,
is to be treated as the making of an offer to a single person.
(4)In determining whether subsection (1)(e) is satisfied in relation to an offer (“offer A”), offer A is to be taken together with any other offer of transferable securities of the same class made by the same person which—
(a)was open at any time within the period of 12 months ending with the date on which offer A is first made; and
(b)had previously satisfied subsection (1)(e).
(5)For the purposes of this section, an amount (in relation to an amount denominated in euros) is an “equivalent amount” if it is an amount of equal value denominated wholly or partly in another currency or unit of account.
(6)The equivalent is to be calculated at the latest practicable date before (but in any event not more than 3 working days before) the date on which the offer is first made.
(7)“Qualified investor” means—
(a)an entity falling within Article 2.1(e)(i), (ii) or (iii) of the prospectus directive;
(b)an investor registered on the register maintained by the competent authority under section 87R;
(c)an investor authorised by an EEA State other than the United Kingdom to be considered as a qualified investor for the purposes of the prospectus directive.]
Textual Amendments
F1 Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5
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