Section 972 | Transitory provision

(1)Where a takeover bid is made for an opted-in company, section 368 of the Companies Act 1985 (c. 6) (extraordinary general meeting on members' requisition) and section 378 of that Act (extraordinary and special resolutions) have effect as follows until their repeal by this Act.

(2)Section 368 has effect as if a members' requisition included a requisition of a person who—

(a)is the offeror in relation to the takeover bid, and

(b)holds at the date of the deposit of the requisition shares amounting to not less than 75% in value of all the voting shares in the company.

(3)In relation to a general meeting of the company that—

(a)is the first such meeting to be held after the end of the offer period, and

(b)is held at a time when the offeror holds shares amounting to not less than 75% in value of all the voting shares in the company,

section 378(2) (meaning of “special resolution”) has effect as if “14 days' notice” were substituted for “21 days' notice”.

(4)A reference in this section to voting shares in the company does not include—

(a)debentures, or

(b)shares that, under the company's articles of association, do not normally carry rights to vote at its general meetings (for example, shares carrying rights to vote that, under those articles, arise only where specified pecuniary advantages are not provided).