Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p18
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 44559–47221

a take-over bid in accordance with the announcement; and
     (b) is convicted of an offence under sub-section (2) or (4) in respect of one of those contraventions,
is not liable to be convicted of an offence under sub-section (4) or (2), as the case may be, in respect of the other of those contraventions.
"(6) In any proceedings, if there is produced a certificate in writing by the Commission stating that the Commission has not, pursuant to sub-section (3), permitted a further period for a person or persons specified in the certificate to

make a take-over bid in relation to shares in a company so specified, it shall be presumed, unless the contrary is established, that no such further period was permitted.
"(7) A person who makes a public announcement in contravention of sub-section (1) or fails, in contravention of sub-section (3), to make a take-over bid in accordance with a public announcement (whether or not he has been convicted of an offence in respect of the contravention) is liable to pay compensation to any other person who suffered loss as a result of entering into a transaction with respect to shares in reliance on the public announcement, and the amount of the compensation that the first-mentioned person is liable to pay is an amount equal to the difference between the price of the shares at which the transaction was entered into and the price of the shares at which the transaction would have been likely to be entered into if the first-mentioned person had not made the public announcement.
"(8) A person—
     (a) is not guilty of an offence under sub-section (4); and
     (b) is not liable to pay compensation under sub-section (7),
in respect of a failure to make a take-over bid in accordance with a public announcement made by the person if it is established that—
     (c) by virtue of circumstances that existed at the time of the making of the public announcement but of which the person had no knowledge and could not reasonably have been expected to have knowledge; or
     (d) by virtue of a change in circumstances after the making of the announcement, not being a change in circumstances caused, whether directly or indirectly, by the person,
the person could not reasonably have been expected to make the take-over bid.
"(9) Notwithstanding anything in section 5 of this Act, neither section 571, nor sub-section 574 (2), of the Companies Act 1981 applies in relation to a failure, in contravention of sub-section (3) of this section, to make a take-over bid in accordance with a public announcement.
"(10) In this section—
     (a) a reference to making a take-over bid is a reference to—
         (i) making