Schedule 11, paragraph 6

The securities are offered to a restricted circle of persons whom the offeror reasonably believes to be sufficiently knowledgeable to understand the risks involved in accepting the offer. In determining whether a person is sufficiently knowledgeable to understand the risks involved in accepting an offer of securities, any information supplied by the person making the offer is to be disregarded, apart from information about— the issuer of the securities; or if the securities confer the right to acquire other securities, the issuer of those other securities.

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Source: legislation.gov.uk · retrieved 2026-09-04