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Company Law Reform Bill [HL]

My Lords, if the noble Lord asks whether I am saying that the stockbroker can act in that way to make any number of offers to a whole range of identified individuals, of itself I do not think that that satisfies the exemption. One would have to look at all the circumstances and all of the provisions in Clause 530. I hesitate to be drawn on specific examples because, as the noble Lord said in moving the amendment, these things can be complex. I do not want to mislead by putting something that is incorrect on the record. But, more specifically, it would not necessarily be a private concern. If it was a private concern, the answer might be yes. You would have to look at all the circumstances.