Noel Treacy (Galway East, Fianna Fail)

I move amendment No. 12:

In page 51, lines 3 to 10, to delete all words from and including "State" in line 3 down to and including "2A." in line 10 and substitute the following:

"State"—

(I) the only securities of which for the time being are authorised (or during the period of 5 years referred to in paragraph (b) were authorised) to be traded by a recognised stock exchange on a market regulated by that exchange are those specified in section 2A, and

(II) which is not a company prescribed for the purposes of paragraph (c).'.".

This is a further amendment to that agreed on Committee Stage. The takeover panel considered that the wording of the new paragraph 3 may allow a company that listed only equities or securities in London, and listed only debts or securities in Dublin to fall outside the scope of being a relevant company for the purposes of the Takeover Panel Act. The amendment now proposed will have the effect of preventing a company avoiding being treated as the relevant company by dividing its debt and equities between two separate locations.

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