SCHEDULES

SCHEDULE 15 The corporate venturing scheme

Part III The issuing company

The gross assets requirement

22

(1)

The gross assets requirement in the case of a single company is that the value of the company’s gross assets—

(a)

does not exceed F1£7 million immediately before the issue of the relevant shares, and

(b)

does not exceed F2£8 million immediately afterwards.

(2)

The gross assets requirement in the case of a parent company is that the consolidated value of the group assets—

(a)

does not exceed F3£7 million immediately before the issue of the relevant shares, and

(b)

does not exceed F4£8 million immediately afterwards.

(3)

The consolidated value of the group assets means the aggregate value of the gross assets of the group, disregarding any that consist in rights against, or shares in or securities of, another group company.