(1) Where a notice has been given by an offeror under Regulation 23(2), the offeror shall, before the expiration of 1 month from the date of the giving of the notice -

(a) transmit to the offeree company a copy of the notice together with, subject to paragraph (3), an instrument of transfer of the securities of the dissenting security holders executed on behalf of the dissenting security holders as transferor by any person appointed by the offeror (being either the offeror or a subsidiary of the offeror or a nominee of the offeror or of such a subsidiary), and

(b) pay to or vest in the offeree company the amount or other consideration representing the price payable by the offeror for the beneficial ownership of the securities which by virtue of Regulation 23 the offeror is entitled to acquire.

(2) Upon the foregoing things being done, the offeree company shall register as the holder of those securities the person who executed the instrument as transferee.

(3) Nothing in paragraph (1) (b) shall require an instrument of transfer for any security for which a security warrant is for the time being outstanding.