1008Conditions relating to shares acquiredU.K.
(1)Each of the following conditions must be met in relation to the shares acquired.
Condition 1
The shares are ordinary shares that are fully paid-up and not redeemable.
Condition 2
The shares are—
(a)shares of a class listed on a recognised stock exchange,
(b)shares in a company that is not under the control of another company, or
(c)shares in a company that is under the control of a listed company.
Condition 3
The shares are shares in—
(a)the employing company,
(b)a company that, when the shares are acquired, is a parent company of the employing company,
(c)a company that, when the shares are acquired, is a member of a consortium that owns the employing company,
(d)a company that, when the shares are acquired, is a member of a consortium that owns a parent company of the employing company, or
(e)a company within subsection (2).
(2)A company (“company A”) is within this subsection if when the shares are acquired—
(a)the employing company or a parent company of the employing company is a member of a consortium that owns another company (“company B”), and
(b)company A is—
(i)a member of that consortium or a parent company of a member of that consortium, and
(ii)a member of the same commercial association of companies as company B.