(1)Subject to subsection (2), references in sections 326 and 327 and this section, except in the expression “subscriber shares”, to shares in a company include references to any securities of that company.
(2)For the purposes of subsection (1) a relevant security of the old company is not to be treated as a security of the old company if—
(a)the arrangements do not provide for the acquisition of the security by the new company, or
(b)such treatment prevents section 326(1)(b) from being met in connection with the arrangements.
(3)In subsection (2) “relevant security” means an instrument which is a security for the purposes of Chapter 4 merely because of section 285(2).
(4)References in section 327 to the period for giving effect to the arrangements are references to the period which—
(a)begins with the time when the arrangements first came into existence, and
(b)ends with the time when the new company completes its acquisition under the arrangements of all the old shares.
(5)For the purposes of sections 326 and 327 and this section—
(a)old shares and new shares are of a corresponding description if, were they shares in the same company, they would be of the same description, and
(b)old shares and new shares are matching shares in relation to each other if the old shares are the shares for which the new shares are exchanged under the arrangements.