SCHEDULES

SCHEDULE 15 The corporate venturing scheme

Part IV General requirements

Requirement as to the shares

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(1)

The relevant shares must satisfy sub-paragraphs (2) and (3).

(2)

Shares satisfy this sub-paragraph if they are—

(a)

ordinary shares,

(b)

subscribed for wholly in cash, and

(c)

fully paid up at the time they are issued.

Shares are not fully paid up for the purposes of paragraph (c) if there is any undertaking to pay cash to F1any person at a future date in respect of the acquisition of the shares.

(3)

Shares satisfy this sub-paragraph if they do not, at any time during the qualification period relating to the relevant shares, carry—

(a)

any present or future preferential right to dividends or to a company’s assets on its winding up, or

(b)

any present or future right to be redeemed.