32. Sale of a Body Corporate

(1) The Financial Promotion Restriction does not apply to any communication by, or on behalf of, a Body Corporate, a Partnership, a single individual or a Group of Connected Individuals or an officer of them which relates to a transaction falling within sub-paragraph (2).
(2) A transaction falls within this paragraph if —
(a) it is one to acquire or dispose of Shares in a Body Corporate or is entered into for the purposes of such an acquisition or disposal; and
(b) either —
(i) the conditions set out in sub-paragraph (3) are met; or
(ii) those conditions are not met, but the object of the transaction may nevertheless reasonably be regarded as being the acquisition of day-to-day control of the affairs of the Body Corporate.
(3) The conditions mentioned in sub-paragraph (2)(b) are that —
(a) the Shares consist of or include 50 per cent. or more of the Voting Shares in the Body Corporate; or
(b) the Shares, together with any already held by the person acquiring them, consist of or include at least that percentage of such Shares; and
(c) in either case, the acquisition or disposal is, or is to be, between parties each of whom is a Body Corporate, a Partnership, a single individual or a Group of Connected Individuals.
(4) A "Group of Connected Individuals" means —
(a) in relation to a party disposing of Shares in a Body Corporate, a single group of persons each of whom is —
(i) a Director or manager of the Body Corporate;
(ii) a Close Relative of any such Director or manager; or
(iii) a person acting as trustee for, or nominee of, any person falling within sub-paragraph (i) or (ii); and
(b) in relation to a party acquiring Shares in a Body Corporate, a single group of persons each of whom is —
(i) a person who is or is to be a Director or manager of the Body Corporate;
(ii) a Close Relative of any such person; or
(iii) a person acting as trustee for or nominee of any person falling within sub-paragraph (i) or (ii).