25. In section 18 (continuity following transfer of shares etc)(1), after subsection (5) insert—
“(5A) This section applies to a mandatory reduction instrument as it applies to a share transfer instrument; and in relation to a mandatory reduction instrument references in this section to a “transfer” are to a transfer of securities (whether made by that or another mandatory reduction instrument) and “transferor” and “transferee” are to be read accordingly.”.
Section 18 was amended by paragraph 15 of Schedule 2 to the Financial Services (Banking Reform) Act 2013.