Companies (Acquisition of Own Shares) (Treasury Shares) Regulations (Northern Ireland) 2004

Amendment of Article 172

2.—(1) Article 172 of the 1986 Order (power of company to purchase own shares) is amended as follows.

(2) For paragraph (2) substitute –

“(2) Articles 169 and 170 apply to the purchase by a company under this Article of its own shares as they apply to the redemption of redeemable shares.

• This is subject to paragraphs (2A) and (2B).

(2A) The terms and manner of a purchase under this Article need not be determined by the Articles as required by Article 170(3).

(2B) Where a company makes a purchase of qualifying shares out of distributable profits under this Article, Article 172A applies to the shares purchased and accordingly Article 170(4) does not apply to those shares.”.

(3) At the end of paragraph (3) insert “or shares held as treasury shares”.

(4) After paragraph (3) insert the following paragraph –

“(4) For the purposes of this Chapter “qualifying shares” are shares which –

(a) are included in the official list in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000(1),

(b) are traded on the market known as the Alternative Investment Market established under the rules of London Stock Exchange plc,

(c) are officially listed in an EEA State, or

(d) are traded on a market established in an EEA State which is a regulated market for the purposes of Article 16 of Council Directive 93/22/EEC on investment services in the securities field(2),

and in sub-paragraph (a) “the official list” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000.”.

(1)

2000 c. 8

(2)

O.J. No. L141, 11.6.93, p. 27