Regulation 5 Offers of securities
A person is to be regarded as offering securities if, as principal
(a)
the makes an offer which, if accepted, would give rise to a contract for the issue or sale of the securities by him or by another person with whom he has made arrangements for the issue or sale of the securities; or
(b)
he invites a person to make such an offer;
but not otherwise; and, except where the context otherwise requires, in this Part of these Regulations “offer” and “offeror” shall be construed accordingly.