(1) In paragraph (1A) the reference to subsection (3) of section 1 of the Act of 1997 (as it stands amended otherwise than by these Regulations) is a reference to the subsection (3) inserted in that section by the Investment Funds, Companies and Miscellaneous Provisions Act 2006.

(1A) Without prejudice to the continued application of subsection (3) of section 1 of the Act of 1997 (as it stands amended otherwise than by these Regulations) to companies referred to in Regulation 4(2), paragraph (2) has effect in relation to the application of the Act of 1997 by virtue of Regulation 4(1).

(2) For the purposes of that application, section 1 of the Act of 1997 has effect as if the following subsection were substituted for subsection (3):

"(3)

(a) In this Act 'persons acting in concert' means persons who cooperate on the basis of an agreement, either express or tacit, either oral or written, aimed at acquiring control of the offeree company or at frustrating the successful outcome of a bid.