Companies Act 1985

163 Definitions of " off-market" and " market " purchase

(1) A purchase by a company of its own shares is " off-market " if the shares either—

(a) are purchased otherwise than on a recognised stock exchange, or

(b) are purchased on a recognised stock exchange but are not subject to a marketing arrangement on that stock exchange.

(2) For this purpose, a company's shares are subject to a marketing arrangement on a recognised stock exchange if either—

(a) they are listed on that stock exchange; or

(b) the company has been afforded facilities for dealings in those shares to take place on that stock exchange without prior permission for individual transactions from the authority governing that stock exchange and without limit as to the time during which those facilities are to be available.

(3) A purchase by a company of its own shares is a " market purchase" if it is a purchase made on a recognised stock exchange, other than a purchase which is an off-market purchase by virtue of subsection (1)(b).