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The Northern Rock plc Compensation Scheme Order 2008
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Extinguishment of subscription rights
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4.—(1) The amount of any compensation payable by the Treasury to persons whose subscription rights were extinguished by virtue of article 4 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 granted by—
(a)a relevant undertaking; or
(b)a person not within paragraph (a) 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,
to receive shares in Northern Rock (whether by subscription, conversion or otherwise).
(4) In sub-paragraph (3) “relevant undertaking” means Northern Rock or any of its group undertakings.
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