Regulation 157 Prohibition on offering securities to the public
(1)
A protected cell company must not—
(a)
offer to the public any securities issued on behalf of any part of the protected cell company; or
(b)
allot or agree to allot any securities issued on behalf of any part of the protected cell company with a view to their being offered to the public.
(2)
Unless the contrary is proved, an allotment or agreement to allot securities is presumed to be made with a view to their being offered to the public if an offer of the securities (or any of them) to the public is made—
(a)
within a period of six months beginning with the date of the allotment or agreement to allot; or
(b)
before the receipt by the protected cell company of the whole of the consideration to be received by it in respect of the securities.