In this chapter (except where specifically provided to the contrary) a reference to a transaction by a listed company:
includes the grant or acquisition of an option as if the option had been exercised except that, if exercise is solely at the listed company's or subsidiary undertaking's discretion, the transaction will be classified on exercise and only the consideration (if any) for the option will be classified on the grant or acquisition;
excludes a transaction in the ordinary course of business;4
This chapter is intended to cover transactions that are outside the ordinary course of the listed company's business and may change a security holder's economic interest in the company's assets or liabilities (whether or not the change in the assets or liabilities is recognised on the company's balance sheet).
In assessing whether a transaction is in the ordinary course of a company's business under this chapter, the FCA will have regard to the size and incidence of similar transactions which the company has entered into. The FCA may determine that a transaction is not in the ordinary course of business because of its size or incidence.