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single company

    197a single company that is not part of the same group as the single-company holding vehicle investing in it and which:

      1. (a) uses the funds received from the single-company holding vehicle solely for the purpose of its own commercial operations or those of its subsidiaries carrying out the same commercial operations as the single company; and
      1. (b) does not undertake any of the activities in COBS 4.14.20R(2)(a) to (e) subject to COBS 4.14.22R and COBS 4.14.24R(1) (for these purposes, COBS 4.14.20 R(2)(a) to (e), COBS 4.14.22R and COBS 4.14.24R(1) must be read as though references to the issuer are to the single company).