| Commentary

209.1 Off-market and market purchases

| Commentary

209 Authority for an off-market purchase

209.1 Off-market and market purchases

Unless the company is a public company which trades its shares on a recognised investment exchange1 (for example, the Main Market of the London Stock Exchange or the NEX Exchange Market, formerly the IS DX Market and before that the PLUS Market), it will have to purchase its own shares by means of an off-market purchase. For these purposes, a purchase will be ‘off-market’ if the shares are purchased otherwise than on a recognised investment exchange or are purchased on a recognised investment exchange but are not

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