A substantial transaction is one which exceeds 10% in any of the Class Tests. It includes any transaction by a subsidiary of the Issuer but excludes any transactions of a revenue nature in the ordinary course of business and transactions to raise finance which do not involve a change in the fixed assets of the Issuer or its subsidiaries.
An Issuer must issue Notification without delay as soon as the terms of any substantial transaction are agreed, disclosing the information specified by Schedule Four.
Guidance:
Note the definition of a substantial transaction is different from that of a Related Party transaction.
A transaction under this Rule includes non pre-emptive issues of Securities.