Article 25 Continuity

In section 18 (continuity following transfer of shares etc)^f1, after subsection (5) insert—

“(5A)

This section applies to a mandatory reduction instrument as it applies to a share transfer instrument; and in relation to a mandatory reduction instrument references in this section to a “transfer” are to a transfer of securities (whether made by that or another mandatory reduction instrument) and “transferor” and “transferee” are to be read accordingly.”.