Paragraph 11

(1)

An offer of relevant securities that—

(a)

is made to existing or former directors or employees—

(i)

by their employer,

(ii)

by an undertaking that is part of the same group as their employer, or

(iii)

by a person who, in pursuance of an employee share scheme or a proposed employee share scheme, holds or will hold the securities as trustee, and

(b)

includes or is accompanied by a statement containing information on—

(i)

the number and nature of the securities, and

(ii)

the reason for, and details of, the offer or allotment.

(2)

In this paragraph “employee share scheme” has the meaning given in article 60(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005^f1.

Annotations

Footnotes

f1: S.I. 2005/1529. Article 60(2) was amended by S.I. 2005/3392.