Schedule 1, Part 1, paragraph 9(3)

Condition B is that— the offer is made only to persons already connected with the offeror company, and where the offer is made on terms enabling a person to whom the offer is made to renounce the person’s entitlement to the equity securities in question, those terms enable the entitlement to be renounced only in favour of— another person already connected with the offeror company, or a person in relation to whom an offer by the offeror company of the equity securities in question would fall within paragraph 2, 5 or 11.

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