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(1)Each of the following conditions must be met in relation to the shares acquired.
Condition 1
The shares are ordinary shares that are fully paid-up and not redeemable.
Condition 2
The shares are—
(a)shares of a class listed on a recognised stock exchange,
(b)shares in a company that is not under the control of another company, or
(c)shares in a company that is under the control of a listed company.
Condition 3
The shares are shares in—
(a)the employing company,
(b)a company that, when the option is obtained, is a parent company of the employing company,
(c)a company that, when the option is obtained, is a member of a consortium that owns the employing company,
(d)a company that, when the option is obtained, is a member of a consortium that owns a parent company of the employing company,
(e)a company within subsection (2), or
(f)a qualifying successor company (see section 1022).
(2)A company (“company A”) is within this subsection if when the option is obtained—
(a)the employing company or a parent company of the employing company is a member of a consortium that owns another company (“company B”), and
(b)company A is—
(i)a member of that consortium or a parent company of a member of that consortium, and
(ii)a member of the same commercial association of companies as company B.