Sch 11 para 4
(1) The securities are offered to no more than fifty persons. (2) In determining whether this condition is satisfied, the offer is to be taken together with any other offer of the same securities which was— (a) made by the same person; (b) open at any time within the period of 12 months ending with the date on which the offer is first made; and (c) not an offer to the public in the United Kingdom by virtue of this condition being satisfied. (3) For the purposes of this paragraph— (a) the making of an offer of securities to trustees or members of a partnership in their capacity as such, or (b) the making of such an offer to any other two or more persons jointly, is to be treated as the making of an offer to a single person.