Investor Compensation Act, 1998
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Amendment of section 39 of Stock Exchange Act, 1995. |
77.— Section 39 of the Stock Exchange Act, 1995 , is hereby amended in subsection (2) by the insertion in paragraph (a) before “exceed” of “reach or” and the subsection as so amended is set out in the Table to this section. | |
TABLE | ||
(2) In this Part “acquiring transaction” means any direct or indirect acquisition by a person or more than one person acting in concert of shares or other interest in an approved stock exchange or authorised member firm, provided that, after the proposed acquisition— | ||
(a) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed a qualifying holding, or | ||
(b) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed 20 per cent., 33 per cent. or 50 per cent., or | ||
(c) the approved stock exchange or authorised member firm would become a subsidiary of the acquirer. |