(1) The reference in section 974(2) to shares already held by the offeror includes a reference to shares that he has contracted to acquire, whether unconditionally or subject to conditions being met.
This is subject to subsection (2).
(2) The reference in section 974(2) to shares already held by the offeror does not include a reference to shares that are the subject of a contract—
(a) intended to secure that the holder of the shares will accept the offer when it is made, and
(b) entered into—
(i) by deed and for no consideration,
(ii) for consideration of negligible value, or
(iii) for consideration consisting of a promise by the offeror to make the offer.
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