Paragraph 75
For the purposes of this Part “the qualifying shares”, in relation to a case where this Part applies, means the shares which are acquired by the investing company in making the qualifying investment.
This is subject to sub-paragraphs (2) and (4).
If any corresponding bonus shares are issued to the investing company, this Part shall apply as if references to the qualifying shares were to all the shares comprising the qualifying shares and the bonus shares so issued.
In sub-paragraph (2) “corresponding bonus shares” means bonus shares which—
are issued in respect of the qualifying shares, and
are in the same company, of the same class and carry the same rights as those shares.
If in circumstances where paragraph 83 (certain exchanges resulting in acquisition of share capital by new company) applies new shares are issued in exchange for old shares, references in this Part to the qualifying shares, so far as they relate to the old shares, shall be construed as references to the new shares.
For this purpose “old shares” and “new shares” have the same meaning as in that paragraph.