http://www.legislation.gov.uk/id/ukpga/2006/46

Part 17A company's share capital

Chapter 3Allotment of equity securities: existing shareholders' right of pre-emption

Exceptions to right of pre-emption

565Exception to pre-emption right: issue for non-cash consideration

Section 561(1) (existing shareholders' right of pre-emption) does not apply to a particular allotment of equity securities if these are, or are to be, wholly or partly paid up otherwise than in cash.