Regulation 12

General exceptions

1. An offer of relevant securities to the public where the total consideration for the relevant securities being offered in the United Kingdom cannot exceed £5 million, or an equivalent amount (see paragraph 18).

2. An offer of relevant securities made solely to qualified investors (see paragraph 15).

3. An offer of relevant securities made to fewer than 150 persons in the United Kingdom, other than qualified investors.

4. An offer of relevant securities whose denomination per unit amounts to at least £50,000, or an equivalent amount.

5. An offer of relevant securities made to persons who acquire securities for a total consideration of at least £100,000, or an equivalent amount, per investor, for each separate offer.

Offer of transferable securities admitted or to be admitted to trading

6. An offer of transferable securities where -