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Changes over time for: Section 430B


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2007
Status:
Point in time view as at 21/07/1993. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Section 430B.

Changes to Legislation
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[430B Effect of requirement under s. 430A.E+W+S
(1)The following provisions shall, subject to section 430C, have effect where a shareholder exercises his rights in respect of any shares under section 430A.
(2)The offeror shall be entitled and bound to acquire those shares on the terms of the offer or on such other terms as may be agreed.
(3)Where the terms of an offer are such as to give the holder of shares a choice of consideration the holder of the shares may indicate his choice when requiring the offeror to acquire them and the notice given to the holder under section 430A(3)—
(a) shall give particulars of the choice and of the rights conferred by this subsection; and
(b)may state which consideration specified in the offer is to be taken as applying in default of his indicating a choice;
and the terms of the offer mentioned in subsection (2) shall be determined accordingly.
(4)Subsection (3) applies whether or not any time-limit or other conditions applicable to the choice under the terms of the offer can still be complied with; and if the consideration chosen by the holder of the shares—
(a)is not cash and the offeror is no longer able to provide it; or
(b)was to have been provided by a third party who is no longer bound or able to provide it,
the consideration shall be taken to consist of an amount of cash payable by the offeror which at the date when the holder of the shares requires the offeror to acquire them is equivalent to the chosen consideration.]
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