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(1)This section and section 88 apply in relation to shares if—
(a)a company (“the new company”) in which the only issued shares are subscriber shares acquires all the shares (“old shares”) in another company (“the old company”),
(b)the consideration for the old shares consists wholly of the issue of shares (“new shares”) in the new company,
(c)the consideration for the new shares of each description consists wholly of old shares of the corresponding description,
(d)new shares of each description are issued to the holders of old shares of the corresponding description in respect of and in proportion to their holdings, and
(e)by virtue of section 127 of TCGA 1992 as applied by section 135(3) of that Act (company reconstructions etc), the exchange of shares is not to be treated as involving a disposal of the old shares or an acquisition of the new shares.
In this subsection references to shares, except the first and that in the expression “subscriber shares”, include securities.
(2)For the purposes of this Chapter the exchange of shares is not regarded as involving any disposal of the old shares or any acquisition of the new shares.
(3)Nothing in—
(a)section 74(2) (disposal of new shares), and
(b)section 81 (the control and independence requirement),
applies in relation to such an exchange of shares, or shares and securities, as is mentioned in subsection (1) or, in the case of section 81, arrangements with a view to such an exchange.
(4)For the purposes of this section old shares and new shares are of a corresponding description if, on the assumption that they were shares in the same company, they would be of the same class and carry the same rights.
(5)References in section 88 to “old shares”, “new shares”, “the old company” and “the new company” are to be read in accordance with this section.
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