Section 543 | Discount not covered by exemption in section 542

(1)This section applies if the total of—

(a)the price payable by the director or employee for the shares of the company allocated to the director or employee under the offer, and

(b)the amount or value of any registrant discount made to the director or employee in respect of the shares,

is less than the fixed price or the lowest price successfully tendered.

(2)Section 542(2) (exemption: offer made to public and employees) does not apply to the benefit (if any) represented by the difference.