The Companies (Acquisition of Own Shares)(Treasury Shares) Regulations 2003 No. 1116

Prospective

SCHEDULE U.K.

Amendment of section 103 of the 1985 Act U.K.

7.  In section 103(4) of the 1985 Act (non-cash consideration to be valued before allotment)(1)—

(a) in the first sentence—

(i) after “question” insert “(“the relevant company”)”, and

(ii) for “that other company” substitute “the relevant company”, and

(b) for the second sentence substitute—

“In determining whether that is the case, the following shall be disregarded—

(a) shares held by or by a nominee of the company proposing to allot the shares in connection with the arrangement (“the allotting company”);

(b) shares held by or by a nominee of a company which is—

(i) the holding company, or a subsidiary, of the allotting company, or

(ii) a subsidiary of that holding company; and

(c) shares held as treasury shares by the relevant company.”.

Commencement Information

I1 Sch. para. 7 in force at 1.12.2003, see reg. 1(1)

(1)

Section 103 has been amended in a manner not relevant to these Regulations.