Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997

3.  A public company may apply to the court under Article 418 of the 1986 Order for an order sanctioning a scheme falling within head (b) and (c) of paragraph 4(1) where—

(a) the scheme in question involves a compromise or arrangement with its members or creditors or any class of its members or creditors; and

(b) the consideration for the transfer or each of the transfers envisaged by the scheme is to be—

(i) shares in the transferee company receivable by members of the transferor company; or

(ii) where there is more than one transferor company and any one or more of them is an investment company with variable capital, shares in the transferee company receivable by members or shareholders of the transferor companies (as the case may be);

in each case with or without any cash payment to shareholders.