Regulation 2 Public company: valuation of non-cash consideration for shares: exceptionsI1

Section 595 of the Companies Act 2006^f1 (exception to valuation requirement: merger) is amended as follows.

In subsection (1), for “in connection with a proposed merger with another company” substitute—

“as part of a scheme to which Part 27 (mergers and divisions of public companies) applies if—

(a)

in the case of a scheme involving a merger, an expert’s report is drawn up as required by section 909, or

(b)

in the case of a scheme involving a division, an expert’s report is drawn up as required by section 924.”.

Omit subsections (2) and (3).

In the following places, after “merger” add “or division”—