Take-overs of private companies4
1
In this article and in Schedule 4 to this Order—
a
the expressions “debentures” and “shares”, when used—
i
in relation to a body corporate which is a company within the meaning of the 1985 Act have the same meaning as in that Act;
ii
in relation to a body corporate which is a company within the meaning of the 1986 Order have the same meaning as in that Order; and
iii
in relation to any other body corporate, mean investments falling within paragraph 1 or 2 of Schedule 1 to the Act issued by that body corporate; and
b
“relevant offer” means an offer of the kind described in Part II of Schedule 4 to this Order for shares in or debentures of a body corporate of the kind described in Part III of that Schedule.
2
Section 57 of the Act shall not apply to an investment advertisement if it falls within paragraph (3), (4), or (5) below.
3
An investment advertisement falls within this paragraph if—
a
it is issued in connection with a relevant offer;
b
it fulfils the conditions specified in Part IV of Schedule 4 to this Order; and
c
it contains no invitation or information which would make it an investment advertisement other than—
i
an invitation or information relating to a relevant offer; or
ii
an invitation or information relating to a relevant offer and an invitation or information relating to an offer for investments falling within paragraph 4 or 5 of Schedule 1 to the Act which confer an entitlement or rights with respect to shares or debentures which are the subject of that relevant offer.
4
An investment advertisement falls within this paragraph if—
a
it either accompanies or is issued after the issue of an investment advertisement which contains a relevant offer and which falls within paragraph (3) above; and
b
it contains no invitation or information which would make it an investment advertisement other than an invitation or information relating to investments falling within paragraph 4 or 5 of Schedule 1 to the Act which confer an entitlement or rights with respect to shares or debentures which are the subject of that relevant offer.
5
An investment advertisement falls within this paragraph if it is issued in connection with a relevant offer and is a form of application for shares or debentures or for investments falling within paragraph 4 or 5 of Schedule 1 to the Act.