Supplementary prospectus

5.—(1) In section 87G of the 2000 Act(1) (supplementary prospectus) after subsection (3) insert—

“(3A) But where the prospectus relates both to an offer of transferable securities to the public and the admission of those securities to trading on a regulated market, subsection (3) does not apply and the relevant period begins when the prospectus is approved and ends with the later of—

(a)the closure of the offer to the public to which the prospectus relates, or

(b)the time when trading in those securities on a regulated markets begins.”.

(2) In section 87Q of the 2000 Act(2) (right of investor to withdraw)—

(a)for subsection (4) substitute—

“(4) A person (“P”) may withdraw P’s acceptance of an offer of transferable securities to the public before the specified time where the conditions in subsection (5) are satisfied.”.

(b)after subsection (4) insert—

“(5) The conditions are that—

(a)a prospectus which relates to an offer of transferable securities to the public has been published;

(b)a supplementary prospectus has been published;

(c)prior to the publication of the supplementary prospectus, P agreed to buy or subscribe for transferable securities to which the offer relates; and

(d)the significant new factor, material mistake or inaccuracy referred to in section 87G(1) which caused the supplementary prospectus to be published arose before delivery of the securities.

(6) The specified time is—

(a)the end of the second working day after the day on which the supplementary prospectus was published; or

(b)such later time as may be specified in the supplementary prospectus.”.