PART 2AMENDMENTS TO PART 17 OF THE COMPANIES ACT 2006
Public company: valuation of non-cash consideration for shares: exceptionsI12
1
Section 595 of the Companies Act 20063 (exception to valuation requirement: merger) is amended as follows.
2
In subsection (1), for “in connection with a proposed merger with another company” substitute—
as part of a scheme to which Part 27 (mergers and divisions of public companies) applies if—
a
in the case of a scheme involving a merger, an expert’s report is drawn up as required by section 909, or
b
in the case of a scheme involving a division, an expert’s report is drawn up as required by section 924.
3
Omit subsections (2) and (3).
4
In the following places, after “merger” add “or division”—
a
the heading to section 595, and
b
the reference to that section in section 593(4).