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Companies Act 2006

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Changes over time for: Section 975

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No versions valid at: 08/11/2006

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Point in time view as at 08/11/2006. This version of this provision is not valid for this point in time. Help about Status

Changes to legislation:

Companies Act 2006, Section 975 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Valid from 06/04/2007

975Shares already held by the offeror etcU.K.
This section has no associated Explanatory Notes

(1)The reference in section 974(2) to shares already held by the offeror includes a reference to shares that he has contracted to acquire, whether unconditionally or subject to conditions being met.

This is subject to subsection (2).

(2)The reference in section 974(2) to shares already held by the offeror does not include a reference to shares that are the subject of a contract—

(a)intended to secure that the holder of the shares will accept the offer when it is made, and

(b)entered into—

(i)by deed and for no consideration,

(ii)for consideration of negligible value, or

(iii)for consideration consisting of a promise by the offeror to make the offer.

(3)In relation to Scotland, this section applies as if the words “by deed and” in subsection (2)(b)(i) were omitted.

(4)The condition in section 974(2) is treated as satisfied where—

(a)the offer does not extend to shares that associates of the offeror hold or have contracted to acquire (whether unconditionally or subject to conditions being met), and

(b)the condition would be satisfied if the offer did extend to those shares.

(For further provision about such shares, see section 977(2)).

Modifications etc. (not altering text)

C1Ss. 974-991 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 14(2) (with transitional provisions and savings in regs. 7, 9, Sch. 2)

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