Part 6Venture capital trusts
Chapter 6Supplementary and general
Acquisitions for restructuring purposes
328Supplementary
1
Subject to subsection (2), references in sections 326 and 327 and this section, except in the expression “subscriber shares”, to shares in a company include references to any securities of that company.
2
For the purposes of subsection (1) a relevant security of the old company is not to be treated as a security of the old company if—
a
the arrangements do not provide for the acquisition of the security by the new company, or
b
such treatment prevents section 326(1)(b) from being met in connection with the arrangements.
3
In subsection (2) “relevant security” means an instrument which is a security for the purposes of Chapter 4 merely because of section 285(2).
4
References in section 327 to the period for giving effect to the arrangements are references to the period which—
a
begins with the time when the arrangements first came into existence, and
b
ends with the time when the new company completes its acquisition under the arrangements of all the old shares.
5
For the purposes of sections 326 and 327 and this section—
a
old shares and new shares are of a corresponding description if, were they shares in the same company, they would be of the same description, and
b
old shares and new shares are matching shares in relation to each other if the old shares are the shares for which the new shares are exchanged under the arrangements.