Section 756(4)

An offer is to be regarded (unless the contrary is proved) as being a private concern of the person receiving it and the person making it if— it is made to a person already connected with the company and, where it is made on terms allowing that person to renounce his rights, the rights may only be renounced in favour of another person already connected with the company; or it is an offer to subscribe for securities to be held under an employees' share scheme and, where it is made on terms allowing that person to renounce his rights, the rights may only be renounced in favour of— another person entitled to hold securities under the scheme, or a person already connected with the company.

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