C1Part 17A company's share capital

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Modifications etc. (not altering text)

Chapter 3Allotment of equity securities: existing shareholders' right of pre-emption

Introductory

560Meaning of “equity securities” and related expressions

1

In this Chapter—

  • “equity securities” means—

    1. a

      ordinary shares in the company, or

    2. b

      rights to subscribe for, or to convert securities into, ordinary shares in the company;

  • “ordinary shares” means shares other than shares that as respects dividends and capital carry a right to participate only up to a specified amount in a distribution.

2

References in this Chapter to the allotment of equity securities include—

a

the grant of a right to subscribe for, or to convert any securities into, ordinary shares in the company, and

b

the sale of ordinary shares in the company that immediately before the sale are held by the company as treasury shares.