A Person does not carry on an activity specified under paragraphs (d), (e), (f), (h), or (y) of
[GEN Rule 2.2.2] by way of business if the activity is carried on solely for the purposes of or in connection with the acquisition or disposal of Shares in a Body Corporate, other than an Investment Company or Investment Partnership, provided that:
(a) such Shares carry at least 50% of the voting rights or the acquisition will take an existing holding to at least 50%; or
(b) the object of the transaction may reasonably be regarded as being the acquisition of day to day control of the Body Corporate; and
(c) he is to enter as principal into the transaction.