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Prescribed transaction in relation to designated business trust

Telecommunications (Prescribed Transactions) Order 2012

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For the purposes of section 32B(9), (10) and (12) of the Act, a transaction is a prescribed transaction, if —(a)it results in the transfer of units in a designated business trust —(i)from any person to a corporation, any shares in which are owned or any voting power in which is controlled by that person, without any change in the percentage of the voting power in the designated business trust controlled by that person;(ii)from a corporation to any shareholder of the corporation, without any change in the percentage of the voting power in the designated business trust controlled by that shareholder;(iii)from a corporation to its wholly owned subsidiary, or to a corporation from its wholly owned subsidiary, whether or not the subsidiary is a direct subsidiary of the corporation; or(iv)from one corporation, any shares in which are owned or any voting power in which is controlled by any person, to another corporation, any shares in which are owned or any voting power in which is controlled by that person, without any change in the percentage of the voting power in the designated business trust controlled by that person; or(b)it does not change the percentage of the voting power in the designated business trust controlled by every person who controlled any voting power in the designated business trust immediately before the transaction.

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