Document ID: chunk:federal_register_of_legislation:C2004A03309:body:0:p8
Version: federal_register_of_legislation:C2004A03309
Segment Type: other
Provision Reference: 
Character Range: 17330–19891

a person who holds particular shares included in a class of shares in a company holds some, but not all, of the first-mentioned shares on account of a particular person, such of the first-mentioned shares as the first-mentioned person holds on account of the particular person shall be taken to constitute a distinct portion of the first-mentioned shares.
"(4) For the purposes of this section, where a person holds particular shares included in a class of shares in a company, such (if any) of the first-mentioned shares as the person does not hold on account of a person shall be taken to constitute a distinct portion of the first-mentioned shares.
"(5) For the purposes of this section—
(a) a person who is, or is entitled to be registered as, the holder of particular shares shall be taken to hold the shares; and
(b) a person who—
(i) is entitled to be registered as the holder of particular shares; and
(ii) holds the person's interest in the shares on account of a particular person,
shall be taken to hold the shares on account of the particular person.

"(6) For the purposes of this section, where a person holds shares, or an interest in shares, as trustee for, as nominee for, or otherwise on behalf of or on account of, a person, the first-mentioned person shall be taken to hold the shares, or the interest in the shares, as the case may be, on account of the second-mentioned person.

Avoidance of odd lots where take-over offer relates to proportion of offeree's shares
"25b. (1) Where, at a particular time—
(a) a take-over offer (in this sub-section referred to as the 'relevant offer') relating to a proportion of particular shares (in this sub-section referred to as the 'relevant shares') included in a class of shares in a company has been made to a person under a take-over scheme under which take-over offers have been made in accordance with sub-paragraph 16 (2) (a) (ii);
(b) the target company in relation to the take-over scheme is a listed company;
(c) the relevant offer is accepted; and
(d) a proportion of the relevant shares, being the proportion to which the relevant offer does not relate, consists of an odd lot of shares or consists of a marketable parcel or marketable parcels of shares and an odd lot of shares,
the relevant offer shall, except for the purposes of sub-paragraph 16 (2) (a) (ii) and this sub-section, be deemed always to have related to, to relate to, and to have been accepted in relation to, a number of shares included in that class equal to the sum of—
(e) the number of shares of which the proportion