(1) The following provisions have effect where a bid is made for an opted-in company.

(2) An agreement to which this Regulation applies is invalid in so far as it places any restriction -

(a) on the transfer to the offeror, or at his or her direction to another person, of securities in the company during the offer period,

(b) on the transfer to any person of securities in the company at a time during the offer period when the offeror holds shares amounting to not less than 75% in nominal value of all the securities in the company,

(c) on rights to vote at a general meeting of the company that decides whether to take any action which might result in the frustration of the bid, or

(d) on rights to vote at a general meeting of the company that -

(i) is the first such meeting to be held after the end of the offer period, and

(ii) is held at a time when the offeror holds securities amounting to not less than 75% in nominal value of all the securities in the company.

(3) This Regulation applies to an agreement -