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Changes over time for: Section 613
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Status:
Point in time view as at 06/04/2022.
Changes to legislation:
Companies Act 2006, Section 613 is up to date with all changes known to be in force on or before 24 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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613Merger relief: meaning of 90% equity holdingU.K.
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Nodiadau Esboniadol
(1)The following provisions have effect to determine for the purposes of section 612 (merger relief) whether a company (“company A”) has secured at least a 90% equity holding in another company (“company B”) in pursuance of such an arrangement as is mentioned in subsection (1) of that section.
(2)Company A has secured at least a 90% equity holding in company B if in consequence of an acquisition or cancellation of equity shares in company B (in pursuance of that arrangement) it holds equity shares in company B of an aggregate amount equal to 90% or more of the nominal value of that company's equity share capital.
(3)For this purpose—
(a)it is immaterial whether any of those shares were acquired in pursuance of the arrangement; and
(b)shares in company B held by the company as treasury shares are excluded in determining the nominal value of company B's share capital.
(4)Where the equity share capital of company B is divided into different classes of shares, company A is not regarded as having secured at least a 90% equity holding in company B unless the requirements of subsection (2) are met in relation to each of those classes of shares taken separately.
(5)For the purposes of this section shares held by—
(a)a company that is company A's holding company or subsidiary, or
(b)a subsidiary of company A's holding company, or
(c)its or their nominees,
are treated as held by company A.
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