SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 6Company reorganisations
42Period within which replacement option must be granted
1
To qualify as a replacement option the new option must be granted within the required period (see sub-paragraphs (2) to (4)).
2
If the company reorganisation falls within paragraph 39(2)(a), the required period is the period of 6 months after the date on which—
a
the person making the offer has obtained control of the company, and
b
any condition subject to which the offer is made is met.
3
If the company reorganisation falls within paragraph 39(2)(b) or (d), the required period is the period of 6 months after the date on which the acquiring company obtains control of the company whose shares are subject to the old option.
4
If the company reorganisation falls within paragraph 39(2)(c), the required period is the period during which the acquiring company remains bound or entitled as mentioned in that provision.