General
3. In the case of a company which is a participating issuer, nothing in this Schedule shall apply—
(a)to any transfer of a share in the company which is an uncertificated unit of a security; or
(b)in any of the circumstances set out in sub-paragraph (b) or (c) of regulation 27(2) of the Uncertificated Securities Regulations 1995 (conversion of securities into uncertificated form).