The Financial Services Act 1986 (Stabilisation) Order 1988

Amendment of section 48(7) of the Financial Services Act 1986

2.  Subsection (7) of section 48 of the Financial Services Act 1986 shall be amended by—

(a) inserting “(i)” after “(a)”;

(b) substituting “(ii)” for “(b)”;

(c) adding at the end of the subsection—

“or

(b) (i) in respect of such investments as are mentioned in subparagraph (a)(i) above: and

(ii) during a period starting with the date of the first public announcement of an offer of those investments which states the price or the minimum price at which the investments are to be sold and ending on the 30th day after the closing date specified in the announcement for acceptances of such offer.”

(d) adding a new subsection after the subsection—

“(7A) For the purposes of subparagraph (b)(ii) of subsection (7) above “an offer” means an offer for cash (other than in relation to the issue of the investments in question) where either—

(a) the investments have been admitted to dealing on a recognised investment exchange or any other exchange of repute outside the United Kingdom; or

(b) the offer is on the occasion of such admission or conditional on such admission:

and the total cost of the investments subject to the offer at the price stated in the first public announcement mentioned in subsection (7) above is at least ±¤÷15,000,000 (or the equivalent in the currency or unit of account in which the price is stated on the date of the announcement).”