Section 525 has effect as if for subsections (2) to (9) there were substituted—

“(2)

Subsection (3) applies if the company giving the notice—

(a)

does not expect to meet condition D in section 528 on the first day of accounting period 1, merely because the company's shares have not been listed and dealt with on a recognised stock exchange within the preceding 12 months, but

(b)

reasonably expects to meet that condition throughout the rest of accounting period 1 in reliance on section 446(1)(b).

(3)

If this subsection applies—

(a)

subsection (1)(c) does not apply, but

(b)

the notice must be accompanied by a statement by the company containing the assertions specified in subsection (4).

(4)

Those assertions are—

(a)

that conditions A, B, E and F in section 528 are reasonably expected to be met in relation to the company throughout accounting period 1,

(b)

that condition C in that section is reasonably expected to be met in relation to the company for at least a part of the first day of accounting period 1, and throughout the remainder of the period, and

(c)

that condition D in that section is reasonably expected to be met in relation to the company throughout all of accounting period 1 apart from the first day.

(5)

For the meaning of “accounting period 1”, see section 609.”