SCHEDULES
SCHEDULE 2Transitionals and savings
Part 10Derivative contracts
Issuers of securities with embedded derivatives: deemed options
94
1
This paragraph applies if the company mentioned in section 652(1) was a party to the debtor relationship mentioned in section 652(2) immediately before its first accounting period to begin on or after 1 January 2005.
2
Section 653 (shares issued or transferred as a result of exercise of deemed option) does not apply.
3
If section 654(2) (payment instead of disposal on exercise of deemed option) applies—
a
CV is taken to be nil, and
b
an allowable loss of an amount equal to X is treated as accruing to the company in the accounting period mentioned in section 654(2).
4
Section 655 (ceasing to be party to debtor relationship when deemed option not exercised) does not apply.