Clause 36

by deleting the words “, or by a nominee for, the transferee company or its subsidiary” in subsections (1) and (3) and substituting in each case the words “the transferee company”; and

by inserting, immediately after subsection (8), the following subsections:“(9) For the purposes of this section, shares held or acquired —

by a nominee on behalf of the transferee company; or

by a related corporation of the transferee company or by a nominee of that related corporation,shall be treated as held or acquired by the transferee company.(10) The reference in subsection (1) to shares already held by the transferee company includes a reference to shares which the transferee company has contracted to acquire but that shall not be construed as including shares which are the subject of a contract binding the holder thereof to accept the offer when it is made, being a contract entered into by the holder for no consideration and under seal or for no consideration other than a promise by the transferee company to make the offer.(11) Where, during the period within which an offer for the transfer of shares to the transferee company can be approved, the transferee company acquires or contracts to acquire any of the shares whose transfer is involved but otherwise than by virtue of the approval of the offer, then, if —

the consideration for which the shares are acquired or contracted to be acquired (referred to in this subsection as the acquisition consideration) does not at that time exceed the consideration specified in the terms of the offer; or

those terms are subsequently revised so that when the revision is announced the acquisition consideration, at the time referred to in paragraph (a), no longer exceeds the consideration specified in those terms,the transferee company shall be treated for the purposes of this section as having acquired or contracted to acquire those shares by virtue of the approval of the offer.”.