The Unichem Limited (Allotment of Shares) Revocation Order 1997

Explanatory Note

(This note is not part of the Order)

This Order revokes the Unichem Limited (Allotment of Shares) Order 1989 made while Unichem Limited was a registered industrial and provident society before its conversion to a Companies Act company and flotation. The 1989 Order prohibited Unichem from continuing to operate its “Share Scheme”, under which shares were allotted by reference to the amounts of goods and services acquired from Unichem, except in respect of allotment by reference to goods and services acquired on or before 17th May 1989. Unichem was also prohibited from making or carrying out any agreement in respect of allotment by reference to later acquisitions of goods or services.

Unichem was also required to hold its minimum purchase qualification for continued membership to £3,000 per month and its initial share subscription qualification to 200 per premises, up to a maximum of 1,000.

The Order was based on a report of the Monopolies and Mergers Commission entitled “Unichem Limited—a report on Unichem’s arrangements and proposed arrangements for the allotment of shares in its capital.” (Cm.691).