(1) There is excluded from article 45 of the act of sending, or causing to be sent, a dematerialised instruction where the person on whose behalf the instruction is sent or caused to be sent is an offeror making a takeover offer.

(2) In this article -

(a) "offeror" means, in the case of a takeover offer made by two or more persons jointly, the joint offers or any of them;

(b) "takeover offer" means -

(i) an offer to acquire shares (which in this sub-paragraph has the same meaning as in section 974 of the Companies Act 2006 [1985 c. 6. Section 428 was substituted by the Financial Services Act 1986 (c. 60), Sch. 12.]) in a body corporate incorporated in the United Kingdom which is a takeover offer within the meaning of Chapter 3 of Part 28 of that Act [Part XIIIA was inserted by the Financial Services Act 1986, Sch. 12.] (or would be such an offer if that Part of that Act applied in relation to any body corporate);

(ii) an offer to acquire all or substantially all the shares, or all the shares of a particular class, in a body corporate incorporated outside the United Kingdom; or