Investment Funds, Companies and Miscellaneous Provisions Act 2005

Amendment of Irish Takeover Panel Act 1997.

75

75.The Irish Takeover Panel Act 1997 is amended—

( a) in section 2—

(i) in paragraph (ii), by substituting “Act of 1990,” for “Act of 1990.”, and

(ii) by adding the following paragraph after paragraph (ii):

“(iii) a public limited company or other body corporate incorporated in the State—

(I) the only securities of which for the time being are authorised (or during the period of 5 years referred to in paragraph ( b) were authorised) to be traded by a recognised stock exchange on a market regulated by that exchange are those specified in section 2A,

and

(II) which is not a company prescribed for the purposes of paragraph ( c).”

and

( b) by inserting the following section after section 2:

“Securities for the purposes of section 2(iii) and application of that provision.

2A.—(1) The securities referred to in paragraph (iii) of section 2 are debentures or bonds or other securities in the nature of debentures or bonds, by whatever name called, that do not confer voting rights in the company or body corporate referred to in that paragraph or in any other body corporate.

(2) The cases to which paragraph (iii) of section 2 applies include the case where the authorisation for the trading of the securities concerned was given by the recognised stock exchange before the commencement of section 75 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 .”.