(1)Where—
(a)the same document containing listing particulars for securities of two or more successor companies; and
(b)any person’s responsibility for any information included in the document is stated in the document to be confined to its inclusion as part of the listing particulars for securities of any one of those companies,
that person shall not be treated as responsible for that information in so far as it is stated in the document to form part of the listing particulars for securities of any other of those companies.
(2)In this section—
“the 1986 Act” means the [1986 c. 60.] Financial Services Act 1986;
“listing particulars” means any listing particulars or supplementary listing particulars within the meaning of the 1986 Act;
“responsible” means responsible for the purposes of Part IV of the 1986 Act and “responsibility” shall be construed accordingly.
(1)Subsection (2) below shall have effect for the purpose of applying paragraph 3(b) of Part IV of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 (which provide that shares and debentures of a company shall not count as wider-range and narrower-range investments respectively within the meaning of that Act unless the company has paid dividends in each of the five years immediately preceding that in which the investment is made) in relation to investment in shares or debentures of an operating company during the calendar year in which the transfer date falls (“the first investment year”) or during any year following that year.
(2)The company shall be deemed to have paid a dividend as mentioned in the said paragraph 3(b)—
(a)in every year preceding the first investment year which is included in the relevant five years; and
(b)in the first investment year, if that year is included in the relevant five years and that company does not in fact pay such a dividend in that year.
(3)In subsection (2) above “the relevant years” means the five years immediately preceding the year in which the investment in question is made or proposed to be made.