For the purposes of a related party transaction under the Listing Rules, a subsidiary undertaking of the premium listed company (or if there is more than one, that have in aggregate) contributed less than 10% of the profits of, and represented less than 10% of the assets of, the company in each of the previous three full financial years (paragraph 9, LR 11 Annex 1.1R). This period is adjusted where the subsidiary undertaking has been in the group for more than one but fewer than three full financial years.

For more information, see Practice note, Listing Rules: LR 11: Related party transactions: Exemptions from the related party rules.