Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 211:

In page 768, line 33, to delete "other".

The purposes of this group of amendments is to maintain existing law. Section 23(1)(a) of the Companies (Amendment) Act 1983 uses the expression "same or more favourable" in relation to pre-emption rights that may be enjoyed by the members of the company.

Second, the amendments reduce the offer period for peremptory offers from 21 days to 14 days in the case of public limited companies. This is in line with EU requirements, specifically Article 29.3 of the second directive on company law. This 14 day time limit also corresponds with the offer period of the company limited by shares, designated activity companies and unlimited companies. The amendment, therefore, purports to ensure consistency in time limits across the Bill. I am sure those present in the Public Gallery are riveted.

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