SCHEDULE 4Abolition of share warrants to bearer
PART 1Arrangements for conversion and cancellation of existing share warrants
Reduction of share capital below authorised minimum in case of public company
8
(1)
This paragraph applies where the court makes a cancellation order or a suspended cancellation order in relation to a public company and—
(a)
in the case of a cancellation order, the order has the effect of bringing the nominal value of its allotted share capital below the authorised minimum, or
(b)
in the case of a suspended cancellation order, the order may have that effect from the end of the grace period.
(2)
The registrar must not register the cancellation order or (as the case may be) the suspended cancellation order if it has that effect from the end of the grace period unless—
(a)
the court so directs in the order concerned, or
(b)
the company is first re-registered as a private company.
(3)
The expedited procedure for re-registration provided by section 651 of the Companies Act 2006 applies for the purposes of this paragraph as it applies for the purposes of section 650 of that Act.
(4)
Where the court makes an order under section 651 of that Act in connection with a suspended cancellation order, the order under section 651 must be conditional on the suspended cancellation order having the effect mentioned in sub-paragraph (1)(b) from the end of the grace period.