(1) This section explains what is meant in this Chapter by an offer of securities to the public.
(2) An offer to the public includes an offer to any section of the public, however selected.
(3) An offer is not regarded as an offer to the public if it can properly be regarded, in all the circumstances, as -
(a) not being calculated to result, directly or indirectly, in securities of the company becoming available to persons other than those receiving the offer, or
(b) otherwise being a private concern of the person receiving it and the person making it.
(4) An offer is to be regarded (unless the contrary is proved) as being a private concern of the person receiving it and the person making it if -
(a) it is made to a person already connected with the company and, where it is made on terms allowing that person to renounce his rights, the rights may only be renounced in favour of another person already connected with the company; or
(b) it is an offer to subscribe for securities to be hel
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