SCHEDULES
F1SCHEDULE 5AAMeaning of “scheme of reconstruction”
Subsequent issue of shares or debentures to be disregarded
7
An issue of shares in or debentures of the successor company, or any of the successor companies, after the latest date on which any ordinary share capital of the successor company, or any of them, is issued—
(a)
in consideration of the transfer of any business, or part of a business, under the scheme, or
(b)
in pursuance of the compromise or arrangement mentioned in paragraph 5(a),
shall be disregarded for the purposes of the first and second conditions.