SCHEDULEThe Bradford & Bingley plc Compensation Scheme
PART 2Determination of amount of compensation
Extinguishment of subscription rights4
1
The amount of any compensation payable by the Treasury to persons whose subscription rights were extinguished by virtue of article 5 of the Transfer Order shall be determined in accordance with this paragraph.
2
The amount of compensation payable to a person shall be an amount equal to the value immediately before the transfer time of that person’s subscription rights.
3
In this paragraph “subscription rights” means any right or other entitlement to receive shares in Bradford & Bingley (whether by subscription, conversion or otherwise) granted by—
a
a relevant undertaking; or
b
a person not within paragraph (a), where the right or entitlement is enjoyed by reason of or in connection with—
i
any individual’s office or employment with a relevant undertaking; or
ii
the services provided by any individual to a relevant undertaking.
4
In sub-paragraph (3) “relevant undertaking” means Bradford & Bingley or any of its UK subsidiary undertakings that is a body corporate incorporated, or a partnership established, under the law of any part of the United Kingdom.