PART 4 U.K. Protected Cell Companies

CHAPTER 13 U.K. Public offers of securities

Prohibition on offering securities to the public U.K.

157.—(1) A protected cell company must not—

(a) offer to the public any securities issued on behalf of any part of the protected cell company; or

(b) allot or agree to allot any securities issued on behalf of any part of the protected cell company with a view to their being offered to the public.

(2) Unless the contrary is proved, an allotment or agreement to allot securities is presumed to be made with a view to their being offered to the public if an offer of the securities (or any of them) to the public is made—

(a) within a period of six months beginning with the date of the allotment or agreement to allot; or

(b) before the receipt by the protected cell company of the whole of the consideration to be received by it in respect of the securities.