(1) A person does not carry on an activity of the kind specified by article 14 by entering as principal into a transaction if -
(a) the transaction is one to acquire or dispose of shares in a body corporate other than an open-ended investment company, or is entered into for the purposes of such an acquisition or disposal; and
(b) either -
(i) the conditions set out in paragraph (2) are met; or
(ii) those conditions are not met, but the object of the transaction may nevertheless reasonably be regarded as being the acquisition of day to day control of the affairs of the body corporate.
(2) The conditions mentioned in paragraph (1)(b) are that -
(a) the shares consist of or include 50 per cent or more of the voting shares in the body corporate; or
(b) the shares, together with any already held by the person acquiring them, consist of or include at least that percentage of such shares; and
(c) in either case, the acquisition or disposal is between parties each of whom is a body corporate,
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