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The Directive alleviated such confusion, not by virtue of the definition introduced, but rather the exemptions to that definition. However, as noted by Cahill, it must be emphasised that these exclusions relate to public offers and not to admissions to trading.
Section 61 is repealed by Section 49. Public offer or offer securities to the public is defined as “a communication to person in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities...
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However, as noted by Cahill, it must be emphasised that these exclusions relate to public offers and not to admissions to trading.
Section 61 is repealed by Section 49. Public offer or offer securities to the public is defined as “a communication to person in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities...
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